Document:

Form of Registration Rights Agreement

 Exhibit 10.12 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this “Agreement”) is
made as of                     , 2006, by and among Trans-India Acquisition Corporation, a Delaware corporation (the “Company”), and
the undersigned parties listed under the heading “Investors” on the signature page hereto (each, an “Investor” and collectively, the “Investors”). 
 WHEREAS, the Investors currently hold all of the issued and outstanding securities of the Company; 
 WHEREAS, the Investors and the Company desire to enter into this Agreement to provide the Investors with certain rights relating to the registration of
securities held by them; 
 NOW THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 1. Definitions. The following capitalized terms used herein have the following meanings: 
 “Agreement” means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time. 
 “Blackout Period” means the period (A) beginning ninety (90) days prior to the date the Company expects to file a Registration
Statement for a public offering (other than a registration statement relating to any employee benefit plan, or a registration statement related solely to stock issued upon conversion of debt securities) and, in the event no such Registration
Statement is filed, ending on the earlier of ninety (90) days thereafter or the date that the Company no longer expects to file such Registration Statement or, in the event such a Registration Statement is filed, ending on the last day of the
distribution (as contemplated in Regulation M under the Securities Exchange Act of 1934, as amended) of such public offering of securities; or (B) beginning on the date following a determination of the Company’s board of directors made in
the good faith judgment of such board of directors that it would be materially detrimental to the Company and its stockholders for such Registration Statement to be effected at such time, ending on the earlier of ninety (90) days thereafter or
the date on which the Company’s board of directors determines that it would no longer be materially detrimental to the Company and its stockholders for such Registration Statement to be effected at such time. 
 “Commission” means the Securities and Exchange Commission, or any other federal agency then administering the Securities Act or the Exchange
Act. 
 “Common Stock” means the common stock, par value $0.0001 per share, of the Company. 
 “Company” is defined in the preamble to this Agreement. 
  

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 “Demand Registration” is defined in Section 2.1.1. 
 “Demanding Holder” is defined in Section 2.1.1. 
 “Effective Date” means the date of effectiveness of the registration statement filed with the Commission in connection with the Initial Public Offering. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time. 
 “Form S-3” is defined in Section 2.3. 
 “Indemnified Party” is defined in Section 4.3. 
 “Indemnifying Party” is defined in Section 4.1. 
 “Initial Public Offering” means
the Company’s initial public offering pursuant to the Securities Act. 
 “Investor” is defined in the preamble to this
Agreement. 
 “Investor Indemnified Party” is defined in Section 4.1. 
 “Maximum Number of Securities” is defined in Section 2.1.4. 
 “Piggy-Back Registration” is defined in Section 2.2.1. 
 “Register,”
“registered” and “registration” mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations
promulgated thereunder, and such registration statement becoming effective. 
 “Registrable Securities” mean the Units, all of the
shares of Common Stock and Warrants underlying the Units and owned or held by the Investors or the Transferees and the shares of Common Stock issuable upon exercise of the Warrants. Registrable Securities include any warrants, shares of capital
stock or other securities of the Company issued as a dividend or other distribution with respect to or in exchange for or in replacement of such shares of Common Stock and/or Warrants. As to any particular Registrable Securities, such securities
shall cease to be Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or
exchanged in accordance with such Registration Statement; (B) such securities shall have been otherwise transferred, new certificates for them not bearing a legend restricting further transfer shall have been delivered by the Company and
subsequent public distribution of them shall not require registration under the Securities Act; or (C) such securities shall have ceased to be outstanding. In addition, Registrable Securities shall not include any securities held by any holder
if such securities are then saleable under Rule 144 in the opinion of counsel to the Company. 
  

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 “Registration Statement” means a registration statement filed by the Company with the
Commission in compliance with the Securities Act and the rules and regulations promulgated thereunder for a public offering and sale of Common Stock (other than a registration statement on Form S-4 or Form S-8, or their successors, or any
registration statement covering only securities proposed to be issued in exchange for securities or assets of another entity). 
 “Release Date” means the date on which shares of Common Stock are disbursed from escrow pursuant to Section 3 of that certain Securities Escrow Agreement dated as of
                    , 2006 by and among the parties hereto and Continental Stock Transfer & Trust Company. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder, all as
the same shall be in effect at the time. 
 “Transferee” or “Transferees” means the persons, trusts or entities to whom
the Registrable Securities are transferred (i) by gift to a member of Investor’s immediate family or to a trust, the beneficiary of which is an Investor or a member of an Investor’s immediate family, (ii) by virtue of the laws of
descent and distribution upon death of any Investor, (iii) pursuant to a qualified domestic relations order, or (iv) pursuant to a transfer of record ownership whereby there is no change in beneficial ownership. 
 “Underwriter” means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of
such dealer’s market-making activities. 
 “Units” mean the Company’s Units sold to certain of the Investors immediately
prior to the Initial Public Offering pursuant to that certain Subscription Agreement and to the Investors in connection with the initial capitalization, whereby each unit consists of one share of Common Stock and one Warrant. 
 “Warrants” means those warrants to purchase shares of Common Stock of the Company expiring five years from the Effective Date. 
 2. Registration Rights. 
 2.1. Demand
Registration. 
 2.1.1. Grant of Demand Right. The Company, upon the receipt of the Initial Demand Notice (as
defined below) of the Investors or Transferees holding at least thirty percent (30%) (collectively, the “Demanding Holders”) of the Registrable Securities, agrees to register on no more than two occasions, all or any portion of the
Registrable Securities requested by the Demanding Holders in the Initial Demand Notice. With respect to such registration request, the Company will use its commercially reasonable efforts to file a Registration Statement covering the Registrable
Securities as soon as reasonably practicable, but no later sixty (60) days after the Company receives notice from the Demanding Holders indicating their desire that the Company commence the preparation of and effect the filing of a registration
statement with the Commission as to the Registrable Securities (the “Initial Demand Notice”), and, upon filing, use its commercially reasonable efforts to have such Registration Statement declared effective as soon as practicable
thereafter; provided, that the Company shall be deemed to have complied 

  

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with its obligation hereunder so long as it has made such commercially reasonable efforts. Notwithstanding the foregoing, if the Company provides the
Demanding Holders notice of a Blackout Period within seven business days after it receives the Initial Demand Notice, then: (A) the Company’s obligation to take any action pursuant to this Section 2.1.1, including to file a
Registration Statement covering the Registrable Securities, shall be suspended during the Blackout Period; (B) the Initial Demand Notice shall thereupon be deemed to have been received, for purposes of determining the timing of any obligation
of the Company under this Section 2.1.1 to register the Registrable Securities, on the first business day immediately following the termination of the Blackout Period; and (C) the Company will use its commercially reasonable efforts to
file a Registration Statement covering the Registrable Securities as soon as reasonably practicable after the termination of the Blackout Period, but no later than sixty (60) days after the termination of the Blackout Period, and, upon filing,
use its commercially reasonable efforts to have such Registration Statement declared effective as soon as practicable thereafter. An Initial Demand Notice shall be effective only if it is received by the Company during the period beginning on the
Release Date and ending on the later of (x) the fifth anniversary of the Release Date and (y) one year after the date on which the Demanding Holders exercised Warrants that were included among the Registrable Securities. The Company shall
give written notice of its receipt of any Initial Demand Notice from any Investor(s) to all other registered holders of the Registrable Securities within ten (10) business days from the date of receipt of any such Initial Demand Notice. Once
made, a request for registration pursuant to an Initial Demand Notice provided in accordance with this Section may not be revoked, except that such a request for registration pursuant to an Initial Demand Notice may be revoked (and shall not be
deemed to have been made for purposes of determining the rights of the Investors under this Section), if (A) the Demanding Holders have received a notice of a Blackout Period from the Company and (B) the Demanding Holders provide written
notice to the Company within twenty (20) days of receipt of any such notice of a Blackout Period requesting such revocation for the purpose of preserving the right to request registration pursuant to an Initial Demand Notice at a time
subsequent thereto. For the avoidance of doubt, the Company may not delay the ability of the Demanding Holders to exercise their registration rights under this Agreement by way of giving notice of a Blackout Period more than once during any twelve
(12) month period, and any notice of a Blackout Period given by the Company to the Demanding Holders shall not be made within four months of any previous Blackout Period notice given by the Company. 
 2.1.2. Effective Registration. A registration will not count as a Demand Registration until the Registration Statement filed with
the Commission with respect to such Demand Registration has been declared effective and the Company has complied with all of its obligations under this Agreement with respect thereto. 
 2.1.3. Underwritten Offering. If a majority-in-interest of the Demanding Holders so elect and such holders so advise the Company as
part of their written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten offering. In such event, the right of any holder to include its
Registrable Securities in such registration shall be conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s Registrable Securities in the underwriting to the extent provided herein. All
Demanding Holders shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such underwriting by a majority-in-interest of the holders initiating the Demand Registration. 
  

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 2.1.4. Reduction of Offering. If the managing Underwriter or Underwriters for a
Demand Registration that is to be an underwritten offering advises the Company and the Demanding Holders in writing that the dollar amount or number of securities which the Demanding Holders desire to sell, taken together with all other shares of
Common Stock or other securities which the Company desires to sell and the securities, if any, as to which registration has been requested pursuant to written contractual piggy-back registration rights held by other shareholders of the Company who
desire to sell, exceeds the maximum dollar amount or maximum number of securities that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such
offering (such maximum dollar amount or maximum number of securities, as applicable, the “Maximum Number of Securities”), then the Company shall include in such registration: (A) first, the Registrable Securities as to which Demand
Registration has been requested by the Demanding Holders (pro rata in accordance with the number of Registrable Securities which such Demanding Holder has requested be included in such registration, regardless of the number of Registrable Securities
held by each Demanding Holder) that can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the shares of Common Stock
or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(A) and (B), the securities for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Securities; and
(D) fourth, to the extent that the Maximum Number of Securities have not been reached under the foregoing clauses (A), (B), and (C), the securities that other security holders desire to sell that can be sold without exceeding the Maximum Number
of Securities. 
 2.1.5. Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of any
underwriting or are not entitled to include all of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from such offering by giving written notice to the Company and the Underwriter
or Underwriters of their request to withdraw prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration. If the majority-in-interest of the Demanding Holders withdraws from a proposed
offering relating to a Demand Registration, then such registration shall not count as a Demand Registration provided for in this Section 2.1. 
 2.2. Piggy-Back Registration. 
 2.2.1. Piggy-Back Rights. If at any time on or after the Release Date
the Company proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities, by the
Company for its own account or for shareholders of the Company for their account (or by the Company and by shareholders of the Company including, without limitation, pursuant to Section 2.1), other than a Registration Statement (A) filed
in connection with any employee stock option or other benefit plan, (B) for an exchange offer or offering of securities solely to the Company’s existing shareholders, (C) for an offering of debt that is convertible into equity
securities of the Company, or (D) for a dividend reinvestment plan, 

  

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then the Company shall (x) give written notice of such proposed filing to the holders of Registrable Securities as soon as practicable but in no event
less than ten (10) business days before the anticipated filing date, which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing
Underwriter or Underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the opportunity to register the sale of such number of shares of Registrable Securities as such holders may request in
writing within five (5) business days following receipt of such notice (a “Piggy-Back Registration”). For purposes of a Piggy-Back Registration (and not in the case of a Demand Registration), the exclusion from the definition of
Registrable Securities as to Registrable Securities which are then saleable under Rule 144 contained in the last sentence of the definition of “Registrable Securities” shall be inapplicable. The Company shall cause such Registrable
Securities to be included in such registration and shall use its commercially reasonable efforts to cause the managing Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included in a
Piggy-Back Registration to be included on the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution
thereof. All holders of Registrable Securities proposing to distribute their securities through a Piggy-Back Registration that involves an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with the Underwriter
or Underwriters selected for such Piggy-Back Registration. 
 2.2.2. Reduction of Offering. If the managing Underwriter
or Underwriters for a Piggy-Back Registration that is to be an underwritten offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of securities which the Company desires to sell, taken
together with securities, if any, as to which registration has been demanded pursuant to written contractual arrangements with persons other than the holders of Registrable Securities hereunder, the Registrable Securities as to which registration
has been requested under this Section 2.2, and the securities, if any, as to which registration has been requested pursuant to the written contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum
Number of Securities, then the Company shall include in any such registration: 
 (i) If the registration is undertaken for
the Company’s account: (A) first, the securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clause (A), the securities, if any, including the Registrable Securities, as to which registration has been requested pursuant to written contractual piggy-back registration rights of security holders (pro rata in
accordance with the number of securities which each such person has actually requested to be included in such registration, regardless of the number of securities with respect to which such persons have the right to request such inclusion) that can
be sold without exceeding the Maximum Number of Securities; and 
 (ii) If the registration is a “demand”
registration undertaken at the demand of persons other than the holders of Registrable Securities pursuant to written contractual arrangements with such persons, (A) first, the securities for the account of the demanding persons that can be
sold without exceeding the Maximum Number of Securities; (B) second, to 

  

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the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the shares of Common Stock or other securities that the
Company desires to sell that can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Registrable
Securities as to which registration has been requested under this Section 2.2 and any shares as to which registration has been requested pursuant to written contractual piggy-back registration rights which other security holders desire to sell
that can be sold without exceeding the Maximum Number of Securities (pro rata in accordance with the number of shares of Registrable Securities held by each such holder). 
 2.2.3. Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of
Registrable Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of the Registration Statement. The Company may also elect to withdraw a registration statement at
any time prior to the effectiveness of the Registration Statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders of Registrable Securities in connection with such Piggy-Back Registration as provided
in Section 3.3. 
 2.3. Registrations on Form S-3. The holders of at least thirty percent (30%) of Registrable Securities
may at any time and from time to time, request in writing that the Company register the resale of any or all of such Registrable Securities on Form S-3 or any similar short-form registration which may be available at such time (“Form
S-3”); provided, however, that the Company shall not be obligated to effect such request through an underwritten offering. Upon receipt of such written request, the Company will promptly give written notice of the proposed registration to all
other holders of Registrable Securities, and, as soon as practicable thereafter, effect the registration of all or such portion of such holder’s or holders’ Registrable Securities as are specified in such request, together with all or such
portion of the Registrable Securities of any other holder or holders joining in such request as are specified in a written request given within fifteen (15) business days after receipt of such written notice from the Company; provided, however,
that the Company shall not be obligated to effect any such registration pursuant to this Section 2.3 if Form S-3 is not available for such offering. Registrations effected pursuant to this Section 2.3 shall not be counted as Demand
Registrations effected pursuant to Section 2.1. 
 3. Certain Agreements Respecting Registrations. 
 3.1. Certain Registration Limitations and Procedures. 
 3.1.1. Limitations. Notwithstanding anything herein to the contrary, the Company shall not be obligated to effect any registration
pursuant to Section 2.1 of this Agreement if the holders of the Registrable Securities, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such
other securities (if any) at an aggregate price to the public of less than $500,000; provided, further, that the Company shall not be obligated to file a second Registration Statement until a Registration Statement that has been filed is counted as
a Demand Registration or is terminated or withdrawn. 
  

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 3.1.2. Copies. The Company shall, prior to filing a Registration Statement or
prospectus, or any amendment or supplement thereto, furnish without charge to the holders of Registrable Securities included in such registration, and such holders’ legal counsel, copies of such Registration Statement as proposed to be filed,
each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such Registration Statement (including each preliminary
prospectus), and such other documents as the holders of Registrable Securities included in such registration or legal counsel for any such holders may request in order to facilitate the disposition of the Registrable Securities owned by such
holders. 
 3.1.3. Amendments and Supplements. Subject to the provisions of Section 3.2 hereof, the Company shall
use its commercially reasonable efforts to prepare and file with the Commission such amendments, including post-effective amendments, and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary
to keep such Registration Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities and other securities covered by such Registration Statement have been disposed of in accordance with the
intended method(s) of distribution set forth in such Registration Statement (which period shall not exceed the sum of one hundred eighty (180) days plus any period during which any such disposition is interfered with by any stop order or
injunction of the Commission or any governmental agency or court and any period of suspension pursuant to Section 3.2) or such securities have been withdrawn from such registration. 
 3.1.4. Notification. After the filing of a Registration Statement, the Company shall promptly, and in no event more than two
(2) business days after such filing, notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall further notify such holders promptly and confirm such advice in writing in all events within two
(2) business days of the occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration Statement becomes effective; (iii) the issuance or
threatened issuance by the Commission of any stop order (and the Company shall take all actions required to prevent the entry of such stop order or to remove it if entered); and (iv) any request by the Commission for any amendment or supplement
to such Registration Statement or any prospectus relating thereto or for additional information or of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the
purchasers of the securities covered by such Registration Statement, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein
not misleading, and promptly make available to the holders of Registrable Securities included in such Registration Statement any such supplement or amendment; except that before filing with the Commission a Registration Statement or prospectus or
any amendment or supplement thereto, including documents incorporated by reference, the Company shall furnish to the holders of Registrable Securities included in such Registration Statement and to the legal counsel for any such holders, copies of
all such documents proposed to be filed sufficiently in advance of filing to provide such holders and legal counsel with a reasonable opportunity to review such documents and comment thereon, and the Company shall not file any Registration Statement
or prospectus or amendment or supplement thereto, including documents incorporated by reference, to which such holders or their legal counsel shall object. 
  

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 3.1.5. State Securities Laws Compliance. The Company shall use its commercially
reasonable efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the holders of Registrable
Securities included in such Registration Statement (in light of their intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered
with or approved by such other Governmental Authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the holders of Registrable
Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this paragraph 3.1.5 or subject itself to taxation in any such jurisdiction. 
 3.1.6. Agreements for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting agreement in customary form) and take such other actions as are reasonably
required in order to expedite or facilitate the disposition of such Registrable Securities. The representations, warranties and covenants of the Company in any underwriting agreement which are made to or for the benefit of any Underwriters, to the
extent applicable, shall also be made to and for the benefit of the holders of Registrable Securities included in such registration statement. No holder of Registrable Securities included in such registration statement shall be required to make any
representations or warranties in the underwriting agreement except, if applicable, with respect to such holder’s organization, good standing, authority, title to Registrable Securities, lack of conflict of such sale with such holder’s
material agreements and organizational documents, and with respect to written information relating to such holder that such holder has furnished in writing expressly for inclusion in such Registration Statement. 
 3.1.7. Cooperation. The principal executive officer of the Company, the principal financial officer of the Company, the principal
accounting officer of the Company and all other officers and members of the management of the Company shall cooperate fully in any offering of Registrable Securities hereunder, which cooperation shall include, without limitation, the preparation of
the Registration Statement with respect to such offering and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys, accountants and potential holders. 
 3.1.8. Records. The Company shall make available for inspection by the holders of Registrable Securities included in such
Registration Statement, any Underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other professional retained by any holder of Registrable Securities included in such Registration
Statement or any Underwriter, all financial and other records, pertinent corporate documents and properties of the Company, as shall be necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers,
directors and employees to supply all information requested by any of them in connection with such Registration Statement. 
 3.1.9. Delivery of Opinions and Other Documents. The Company shall furnish to each of the holders participating in any of the foregoing offerings, a signed counterpart, 

  

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addressed to the participating holders, of (i) an opinion of counsel to the Company, dated the effective date of such Registration Statement (and, if
such registration includes an underwritten public offering, an opinion dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort” letter dated the effective date of such Registration
Statement (and, if such registration includes an underwritten public offering, a letter dated the date of the closing under the underwriting agreement) signed by the independent public accountants who have issued a report on the Company’s
financial statements included in such Registration Statement, in each case covering substantially the same matters with respect to such Registration Statement (and the prospectus included therein) and, in the case of such accountants’ letter,
with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in underwritten public offerings of securities.

 3.1.10. Earnings Statement. The Company shall comply with all applicable rules and regulations of the Commission and
the Securities Act, and make available to its shareholders, as soon as practicable, an earnings statement covering a period of twelve (12) months, beginning within three (3) months after the effective date of the registration statement,
which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder. 
 3.1.11. Listing. The Company shall use its commercially reasonable efforts to cause all Registrable Securities included in any registration statement to be listed on such exchanges or otherwise designated for trading in the same
manner as similar securities issued by the Company are then listed or designated or, if no such similar securities are then listed or designated, in a manner satisfactory to the holders of a majority of the Registrable Securities included in such
registration. 
 3.2. Obligation to Suspend Distribution. If after a registration statement relating to the registration of
Registrable Securities under Section 2 has been declared effective (“Effective Registration Statement”), upon the good faith determination by the Board of Directors of the Company that it is reasonably necessary to suspend the use of
such Effective Registration Statement or sales of Registrable Securities by holders under such Effective Registration Statement, the Company may, upon written notice (the “Suspension Notice”) to the holders, direct the holders to suspend
the use of or sales under such Effective Registration Statement. Upon the occurrence of any such suspension, the Company shall use its commercially reasonable efforts to take or cause to be taken such action as is necessary to permit resumed use of
such Effective Registration Statement promptly following the cessation of the Suspension Event giving rise to such suspension so as to permit the holders to resume use of and sales under such Effective Registration Statement as soon as practicable
thereafter. Upon cessation of the Suspension Event giving rise to such suspension, the Company shall promptly provide the holders with prompt written notice that the Suspension Event has ceased (the “End of Suspension Notice”). The holders
shall not effect any sales of the Registrable Securities pursuant to such Effective Registration Statement at any time after it has received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice. If so directed by
the Company in a Suspension Notice, each holder will deliver to the Company (at the expense of the Company) all copies, other than permanent file copies then in such holder’s possession, of any prospectuses covering the Registrable Securities
at the time of receipt of such Suspension Notice. 
  

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 3.3. Registration Expenses. The Company shall bear all costs and expenses incurred by the Company
in connection with any Demand Registration pursuant to Section 2.1, any Piggy-Back Registration pursuant to Section 2.2, and any registration on Form S-3 effected pursuant to Section 2.3, and all expenses incurred in performing or
complying with its other obligations under this Agreement, whether or not the Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees; (ii) fees and expenses of compliance with
securities or “blue sky” laws (including fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities); (iii) printing expenses; (iv) the Company’s internal expenses (including,
without limitation, all salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection with the listing of the Registrable Securities as required by Section 3.1.11; (vi) National Association of
Securities Dealers, Inc. fees; (vii) fees and disbursements of counsel for the Company and fees and expenses for independent certified public accountants retained by the Company (including the expenses or costs associated with the delivery of
any opinions or comfort letters requested pursuant to Section 3.1.9); and (viii) the fees and expenses of any special experts retained by the Company in connection with such registration. The Company shall have no obligation to pay any
underwriting discounts or selling commissions attributable to the Registrable Securities being sold by the holders thereof, which underwriting discounts or selling commissions shall be borne by such holders. Additionally, in an underwritten
offering, all selling shareholders and the Company shall bear the expenses of the underwriter pro rata in proportion to the respective amount of shares each is selling in such offering. The holders of Registrable Securities shall bear all costs and
expenses incurred by them in connection with any such registration except to the extent specifically provided in this Section 3.3. 
 3.4. Information. The holders of Registrable Securities shall provide such information as may reasonably be requested by the Company, or the managing Underwriter, if any, in connection with the preparation of any Registration
Statement, including amendments and supplements thereto, in order to effect the registration of any Registrable Securities under the Securities Act pursuant to Section 2 and in connection with the Company’s obligation to comply with
federal and applicable state securities laws. 
 4. Indemnification and Contribution. 
 4.1. Indemnification by the Company. The Company agrees to indemnify and hold harmless each Investor and each other holder of Registrable
Securities, and each of their respective officers, employees, affiliates, directors, partners, members, attorneys and agents, and each person, if any, who controls an Investor and each other holder of Registrable Securities (within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, a “Investor Indemnified Party”), from and against any expenses, losses, judgments, claims, damages or liabilities, whether joint or several, arising out
of or based upon any untrue statement (or allegedly untrue statement) of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus,
final prospectus or summary prospectus contained in the Registration Statement, or any amendment or supplement to such Registration Statement, or arising out of or based upon any omission (or alleged omission) to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, or any violation by the Company of the Securities Act or any rule or regulation promulgated thereunder 

  

 11 

 
applicable to the Company and relating to action or inaction required of the Company in connection with any such registration; and the Company shall promptly
reimburse the Investor Indemnified Party for any legal and any other expenses reasonably incurred by such Investor Indemnified Party in connection with investigating and defending any such expense, loss, judgment, claim, damage, liability or action;
provided, however, that the Company will not be liable in any such case to the extent that any such expense, loss, claim, damage or liability arises out of or is based upon any untrue statement or allegedly untrue statement or omission or alleged
omission made in such Registration Statement, preliminary prospectus, final prospectus, or summary prospectus, or any such amendment or supplement, in reliance upon and in conformity with information furnished to the Company, in writing, by such
selling holder expressly for use therein. The Company also shall indemnify any Underwriter of the Registrable Securities, their officers, affiliates, directors, partners, members and agents and each person who controls such Underwriter on
substantially the same basis as that of the indemnification provided above in this Section 4.1. 
 4.2. Indemnification by Holders of
Registrable Securities. Each selling holder of Registrable Securities will, in the event that any registration is being effected under the Securities Act pursuant to this Agreement of any Registrable Securities held by such selling holder,
indemnify and hold harmless the Company, each of its directors and officers and each underwriter (if any), and each other person, if any, who controls such selling holder or such underwriter within the meaning of the Securities Act, against any
losses, claims, judgments, damages or liabilities, whether joint or several, insofar as such losses, claims, judgments, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or allegedly untrue
statement of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the
Registration Statement, or any amendment or supplement to the Registration Statement, or arise out of or are based upon any omission or the alleged omission to state a material fact required to be stated therein or necessary to make the statement
therein not misleading, if the statement or omission was made in reliance upon and in conformity with information furnished in writing to the Company by such selling holder expressly for use therein, and shall reimburse the Company, its directors
and officers, and each such controlling person for any legal or other expenses reasonably incurred by any of them in connection with investigation or defending any such loss, claim, damage, liability or action. Each selling holder’s
indemnification obligations hereunder shall be several and not joint and shall be limited to the amount of any net proceeds actually received by such selling holder. 
 4.3. Conduct of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or liability or any action in respect of which indemnity may be sought pursuant to
Section 4.1 or 4.2, such person (the “Indemnified Party”) shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder, notify such other person (the “Indemnifying Party”) in
writing of the loss, claim, judgment, damage, liability or action; provided, however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve the Indemnifying Party from any liability which the Indemnifying Party
may have to such Indemnified Party hereunder, except and solely to the extent the Indemnifying Party is actually prejudiced by such failure. If the Indemnified Party is seeking indemnification with respect to any claim or action brought against the
Indemnified 

  

 12 

 
Party, then the Indemnifying Party shall be entitled to participate in such claim or action, and, to the extent that it wishes, jointly with all other
Indemnifying Parties, to assume control of the defense thereof with counsel satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to assume control of the defense of such claim or
action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other than reasonable costs of investigation; provided,
however, that in any action in which both the Indemnified Party and the Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate counsel (but no more than one such separate counsel) to represent the
Indemnified Party and its controlling persons who may be subject to liability arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against the Indemnifying Party, with the fees and expenses of such counsel to
be paid by such Indemnifying Party if, based upon the written opinion of counsel of such Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. No
Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent to entry of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified Party is or could have
been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or settlement includes an unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding.

 4.4. Contribution. 
 4.4.1. If the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect of any loss, claim, damage, liability or action referred to herein, then each
such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage, liability or action in such proportion as is appropriate to
reflect the relative fault of the Indemnified Parties and the Indemnifying Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability or action, as well as any other relevant equitable considerations.
The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by such Indemnified Party or such Indemnifying Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
 4.4.2. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined
by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding Section 4.4.1. The amount paid or payable by an Indemnified Party as a result of
any loss, claim, damage, liability or action referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Party in connection with
investigating or defending any such action or claim. Notwithstanding the provisions of this Section 4.4, no holder of Registrable Securities shall be required to contribute any amount in excess of the dollar amount of the net proceeds (after
payment of any underwriting fees, discounts, commissions or taxes) actually 

  

 13 

 
received by such holder from the sale of Registrable Securities which gave rise to such contribution obligation. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 5. Underwriting and Distribution. 
 5.1. Rule
144. The Company covenants that it shall file all reports required to be filed by it under the Securities Act and the Exchange Act and shall take such further action as the holders of Registrable Securities may reasonably request, all to the
extent required from time to time to enable such holders to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rules may be amended
or interpreted from time to time, or any similar Rule or regulation hereafter adopted by the Commission. 
 6.
Miscellaneous. 
 6.1. Other Registration Rights. The Company represents and warrants that no person, other than a holder of
the Registrable Securities, persons who acquired the underwriters’ unit purchase options in the Initial Public Offering (and their Transferees) has any right to require the Company to register any shares of the Company’s capital stock for
sale or to include shares of the Company’s capital stock in any registration filed by the Company for the sale of shares of capital stock for its own account or for the account of any other person. The Company shall not enter into any agreement
granting any holder or prospective holder of any securities of the Company registration rights superior to the rights granted the Purchasers hereunder without the written consent of the holders of a majority of the Registrable Securities.

 6.2. Assignment; No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may
not be assigned or delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of the holders of Registrable Securities hereunder may be freely assigned or delegated by such holder of Registrable Securities in
conjunction with and to the extent of any transfer of Registrable Securities by any such holder. This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each Investor and Transferee. This Agreement is not
intended to confer any rights or benefits on any persons that are not party hereto other than as expressly set forth in Section 4 and this Section 6.2. 
 6.3. Notices. All notices, demands, requests, consents, approvals or other communications required or permitted to be given hereunder or which are given with respect to this Agreement, other than as expressly
set forth in Section 2.1 shall be in writing and shall be personally served, delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery or facsimile, addressed as set forth below, or to such other address
as such party shall have specified most recently by written notice. Notice shall be deemed given on the date of service or transmission if personally served or transmitted by facsimile; provided, that if such service or transmission is not on a
business day or is after normal business hours, then such notice shall be deemed given on the next business day. Notice otherwise sent as provided herein shall be deemed given on the next business day following timely delivery of such notice to a
reputable air courier service with a pre-paid order for next-day delivery. 
  

 14 

 If to the Company, to: 
 Trans-India Acquisition Corporation 
 300 South Wacker Drive, Suite 1000 
 Chicago, Illinois 60606 
 Attn: Bobba Venkatadri, CEO 
 Fax: (312) 922-9283 
 with a copy to: 
 Hayden Bergman Rooney 
 Professional Corporation 
 150 Post Street, Suite 650 
 San Francisco, California 94108 
 Attn: Kevin K. Rooney, Esq. 
 Fax: (415) 399-9320 
 To an Investor, to: 
 Marillion Pharmaceuticals India Pvt. Ltd. 
 #20B; ASCI College Park 
 Road No. 3 
 Banjara Hills, Hyderabad 
 500 034 
 Fax: 0091-40-2355087 
 Business Ventures Corp. 
 603 W 13th #1A-247 
 Austin Texas 78701 
 Fax: (512) 263-7596 
 Bobba Venkatadri 
 c/o Trans-India Acquisition Corporation 
 300 South Wacker Drive, Suite 1000 
 Chicago, IL 60606 
 Fax: (312) 922-9283 
 Craig Colmar 
 c/o Trans-India Acquisition Corporation 
 300 South Wacker Drive, Suite 1000 
 Chicago, IL 60606 
 Fax: (312) 922-9283 
 Nalluru Murthy 
 c/o Trans-India Acquisition Corporation 
 300 South Wacker Drive, Suite 1000 
 Chicago, IL 60606 
 Fax: (312) 922-9283 
  

 15 

 Narayanan Vaghul 
 c/o Trans-India Acquisition Corporation 
 300 South Wacker Drive, Suite 1000 
 Chicago, IL 60606 
 Fax: (312) 922-9283 
 Edmund Olivier 
 c/o Trans-India Acquisition Corporation 
 300 South Wacker Drive, Suite 1000 
 Chicago, IL 60606 
 Fax: (312) 922-9283 
 Nasser Haram 
 c/o Trans-India Acquisition Corporation 
 300 South Wacker Drive, Suite 1000 
 Chicago, IL 60606 
 Fax: (312) 922-9283 
 with a copy to: 
 Hayden Bergman Rooney 
 Professional Corporation 
 150 Post Street, Suite 650 
 San Francisco, California 94108 
 Attn: Kevin K. Rooney, Esq. 
 Fax: (415) 399-9320 
 6.4. Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not
affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this
Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 
 6.5.
Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which taken together shall constitute one and the same instrument. 
  

 16 

 6.6. Entire Agreement. This Agreement (including all agreements entered into pursuant hereto and
all certificates and instruments delivered pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior and contemporaneous agreements, representations, understandings,
negotiations and discussions between the parties, whether oral or written. 
 6.7. Modifications and Amendments. No amendment,
modification or termination of this Agreement shall be binding upon any party unless executed in writing by such party. 
 6.8. Titles and
Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of any provision of this Agreement. 
 6.9. Waivers and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive, provided that such waiver will not be effective against the waiving party
unless it is in writing, is signed by such party, and specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default waived has occurred. Any waiver may be conditional. No waiver
of any breach of any agreement or provision herein contained shall be deemed a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or extension of time for performance of any
obligations or acts shall be deemed a waiver or extension of the time for performance of any other obligations or acts. 
 6.10. Remedies
Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed under this Agreement, the Investor or any other holder of Registrable Securities may proceed to protect and enforce its
rights by suit in equity or action at law, whether for specific performance of any term contained in this Agreement or for an injunction against the breach of any such term or in aid of the exercise of any power granted in this Agreement or to
enforce any other legal or equitable right, or to take any one or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under this Agreement shall be mutually exclusive, and each such right,
power or remedy shall be cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or otherwise. 
 6.11. Governing Law. This Agreement shall be governed by, interpreted under, and construed in accordance with the laws of the State of Delaware
applicable to agreements made and to be performed within the State of Delaware, without giving effect to any choice-of-law provisions thereof that would compel the application of the substantive laws of any other jurisdiction. 
 6.12. Waiver of Trial by Jury. Each party hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit,
counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement, the transactions contemplated hereby, or the actions of the Investor in the negotiation, administration,
performance or enforcement hereof. 
 [Remainder of Page Intentionally Left Blank] 
  

 17 

 IN WITNESS WHEREOF, the parties have duly executed this Registration Rights Agreement as of the date
first written above. 
  

			
	TRANS-INDIA ACQUISITION CORPORATION
		
	 By:
	 	  
		 	 Name: Bobba Venkatadri

		 	 Title:   Chief Executive Officer

	
	INVESTORS:
	
	MARILLION PHARMACEUTICALS INDIA PVT. LTD.
		
	 By:
	 	  
		 	 Name: Ramesh Alur

		 	 Title:   Authorized Officer

	
	BUSINESS VENTURES CORP.
		
	 By:
	 	  
		 	 Name: Steven P. Colmar

		 	 Title:   President

	
	  
	Bobba Venkatadri
	
	  
	Craig Colmar
	
	  
	Nalluru Murthy
	
	  
	Narayanan Vaghul

 [Signature Page to Registration Rights Agreement] 

			
	  
	Edmund Olivier
	
	  
	 Rasheed Yar Khan

 [Signature Page to Registration Rights Agreement]Form of Deposit Agreement Relating to the Depositary Shares

 Exhibit 4.1 
  

 PUBLIC STORAGE, INC. 
 COMPUTERSHARE TRUST COMPANY, N. A., AS DEPOSITARY 
 AND 
 THE HOLDERS FROM TIME TO TIME OF 
 THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 
 RELATING TO SERIES K PREFERRED STOCK 
  

 DEPOSIT AGREEMENT

  

 Dated as of
August 8, 2006 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 	  	ARTICLE I	  	 
			
		  	Definitions	  	
			
		  	ARTICLE II	  	
			
		  	Form of Receipts, Deposit of Stock,
Execution and Delivery, Transfer,
Surrender and Redemption of Receipts	  	
			
	 SECTION 2.1
	  	Form And Transfer Of Receipts	  	2
	 SECTION 2.2
	  	Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof	  	3
	 SECTION 2.3
	  	Registration of Transfer of Receipts	  	4
	 SECTION 2.4
	  	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock	  	4
	 SECTION 2.5
	  	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	  	5
	 SECTION 2.6
	  	Lost Receipts, etc	  	5
	 SECTION 2.7
	  	Cancellation and Destruction of Surrendered Receipts	  	5
	 SECTION 2.8
	  	Redemption of Stock	  	6
			
		  	ARTICLE III	  	
			
		  	Certain Obligations of	  	
		  	Holders of Receipts and the Company	  	
			
	 SECTION 3.1
	  	Filing Proofs, Certificates and Other Information	  	7
	 SECTION 3.2
	  	Payment of Taxes or Other Governmental Charges	  	7
	 SECTION 3.3
	  	Warranty as to Stock	  	7
			
		  	ARTICLE IV	  	
			
		  	The Deposited Securities; Notices	  	
			
	 SECTION 4.1
	  	Cash Distributions	  	8
	 SECTION 4.2
	  	Distributions Other than Cash, Rights, Preferences or Privileges	  	8
	 SECTION 4.3
	  	Subscription Rights, Preferences or Privileges	  	8
	 SECTION 4.4
	  	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts	  	9
	 SECTION 4.5
	  	Voting Rights	  	10
	 SECTION 4.6
	  	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc	  	10
	 SECTION 4.7
	  	Delivery of Reports	  	10
	 SECTION 4.8
	  	List of Receipt Holders	  	11

  

 i 

					
	 	  	 ARTICLE V
	  	 
			
	 	  	 The Depositary, the Depositary's Agents, the Registrar and the Company
	  	 
			
	 SECTION 5.1
	  	Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar	  	11
	 SECTION 5.2
	  	 Prevention of or Delay in Performance by the Depositary, the Depositary's Agents, the Registrar or the Company
	  	12
	 SECTION 5.3
	  	Obligation of the Depositary, the Depositary's Agents, the Registrar and the Company	  	12
	 SECTION 5.4
	  	Resignation and Removal of the Depositary; Appointment of Successor Depositary	  	13
	 SECTION 5.5
	  	Corporate Notices and Reports	  	14
	 SECTION 5.6
	  	Indemnification by the Company	  	14
	 SECTION 5.7
	  	Charges and Expenses	  	15
	 SECTION 5.8
	  	Tax Compliance	  	15
			
		  	ARTICLE VI	  	
			
		  	Amendment and Termination	  	
	 SECTION 6.1
	  	Amendment	  	15
	 SECTION 6.2
	  	Termination	  	16
			
		  	ARTICLE VII	  	
			
		  	Miscellaneous	  	
	 SECTION 7.1
	  	Counterparts	  	16
	 SECTION 7.2
	  	Exclusive Benefit of Parties	  	16
	 SECTION 7.3
	  	Invalidity of Provisions	  	16
	 SECTION 7.4
	  	Notices	  	17
	 SECTION 7.5
	  	Appointment of Registrar	  	17
	 SECTION 7.6
	  	Holders of Receipts Are Parties	  	17
	 SECTION 7.7
	  	Governing Law	  	18
	 SECTION 7.8
	  	Inspection of Deposit Agreement	  	18
	 SECTION 7.9
	  	Headings	  	18
			
		  	Form of Depositary Shares	  	
		
	 Form of Face of Receipt
	  	A-1
	 Form of Reverse of Receipt
	  	A-3

  

 ii 

 DEPOSIT AGREEMENT, dated as of August 8, 2006, among PUBLIC STORAGE, INC., a California corporation
(the “Company”), Computershare Shareholder Services, Inc., a Delaware corporation and its wholly-owned subsidiary, Computershare Trust Company, N. A., a national banking association (collectively, the “Depositary” or individually
“CSS” and the “Trust Company” respectively), and the holders from time to time of the Receipts described herein. 
 WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the additional deposit of shares of Series K Preferred Stock of the Company with the Depositary for the purposes set forth in this Deposit Agreement
and for the issuance hereunder of Receipts evidencing Depositary Shares in respect of the Stock so deposited; and 
 WHEREAS, the Receipts
are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in consideration of the promises contained herein, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby
agree as follows: 
 ARTICLE I 
 Definitions 
 The following definitions shall, for all purposes, unless otherwise indicated, apply to the respective terms
used in this Deposit Agreement: 
 “Certificate” shall mean the Certificate of Determination filed with the Secretary of State of
the State of California establishing the Stock as a series of preferred stock of the Company. 
 “Deposit Agreement” shall mean
this Deposit Agreement, as amended or supplemented from time to time. 
 “Depositary” shall mean the Depositary as defined above
and any successor as Depositary hereunder. 
 “Depositary Shares” shall mean Depositary Shares, each representing 1/1,000 of a
share of Stock and evidenced by a Receipt. 
 “Depositary’s Agent” shall mean an agent appointed by the Depositary pursuant to
Section 5.1 and shall include the Registrar if such Registrar is not the Depositary. 
 “Depositary’s Office” shall mean
the principal office of the Depositary at which at any particular time its depositary receipt business shall be administered. 
 “Receipt” shall mean one of the Depositary Receipts, substantially in the form set forth as Exhibit A hereto, issued hereunder, whether in definitive or temporary form and evidencing the number of Depositary Shares held of record
by the record holder of such Depositary Shares. 

 “record holder” or “holder” as applied to a Receipt shall mean the person in whose
name a Receipt is registered on the books of the Depositary maintained for such purpose. 
 “Registrar” shall mean the Depositary
or such other bank or trust company which shall be appointed to register ownership and transfers of Receipts as herein provided. 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “Stock” shall mean shares of the
Company’s 7.25% Cumulative Preferred Stock, Series K, $.01 par value per share. 
 ARTICLE II 
 Form of Receipts, Deposit of Stock, 
 Execution and Delivery, Transfer, 
 Surrender and Redemption of Receipts 
 SECTION 2.1 Form And Transfer Of Receipts. Definitive Receipts shall be engraved or printed or lithographed on steel-engraved borders, with
appropriate insertions, modifications and omissions, as hereinafter provided, if and to the extent required by any securities exchange on which the Receipts are listed. Pending the preparation of definitive Receipts or if definitive Receipts are not
required by any securities exchange on which the Receipts are listed, the Depositary, upon the written order of the Company or any holder of Stock, as the case may be, delivered in compliance with Section 2.2, shall execute and deliver
temporary Receipts which are printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and
other variations as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Company and the Depositary will cause definitive Receipts to be prepared without
unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at the Depositary’s Office or at such other place or places as the
Depositary shall determine, without charge to the holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing the same number of
Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Company’s expense and without any charge to the holder therefor. Until so exchanged, the temporary Receipts shall in all
respects be entitled to the same benefits under this Agreement, and with respect to the Stock, as definitive Receipts. 
 Receipts shall be
executed by the Depositary by the manual and/or facsimile signature of a duly authorized officer of the Depositary. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall
have been executed in accordance with the foregoing sentence. The Depositary shall record on its books each Receipt so signed and delivered as hereinafter provided. 
  

 2 

 Receipts shall be in denominations of any number of whole Depositary Shares. The Company shall deliver to
the Depositary from time to time such quantities of Receipts as the Depositary may request to enable the Depositary to perform its obligations under this Deposit Agreement. 
 Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this
Deposit Agreement as may be required by the Depositary or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange upon which the Stock, the Depositary Shares or the
Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject. 
 Title to Depositary Shares evidenced by a Receipt, which is properly endorsed or accompanied by a properly executed instrument of transfer, shall be
transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of a Receipt shall be registered on the books of the Depositary as provided in Section 2.3, the Depositary may,
notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or to any notice provided
for in this Deposit Agreement and for all other purposes. 
 SECTION 2.2 Deposit of Stock; Execution and Delivery of Receipts in Respect
Thereof. Subject to the terms and conditions of this Deposit Agreement, the Company or, subject to Section 2.4, any holder of Stock may from time to time deposit shares of Stock under this Deposit Agreement by delivery to the Depositary of
a certificate or certificates for the Stock to be deposited, properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with all such
certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement, and together with a written order of the Company or such holder, as the case may be, directing the Depositary to execute and deliver to,
or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the number of Depositary Shares representing such deposited Stock. 
 Deposited Stock shall be held by the Depositary at the Depositary’s Office or at such other place or places as the Depositary shall determine. 
 Upon receipt by the Depositary of a certificate or certificates for Stock deposited in accordance with the provisions of this Section, together with the
other documents required as above specified, and upon recordation of the Stock on the books of the Company in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and
deliver, to or upon the order of the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section, a Receipt or Receipts for the whole number of Depositary Shares representing, in the
aggregate, 
  

 3 

 the Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary
shall execute and deliver such Receipt or Receipts at the Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and expense of the person requesting such delivery.

 SECTION 2.3 Registration of Transfer of Receipts. Subject to the terms and conditions of this Deposit Agreement, the Depositary
shall register on its books from time to time transfers of Receipts upon any surrender thereof by the holder in person or by a duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer. Thereupon, the
Depositary shall execute a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the person
entitled thereto. 
 SECTION 2.4 Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock. Upon surrender
of a Receipt or Receipts at the Depositary’s Office or at such other offices as it may designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Deposit
Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered; provided,
however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary Share. 
 Any holder of a Receipt or Receipts
representing any number of whole shares of Stock may (unless the related Depositary Shares have previously been called for redemption) withdraw the Stock and all money and other property, if any, represented thereby by surrendering such Receipt or
Receipts at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals and paying any unpaid amount due the Depositary. Thereafter, without unreasonable delay, the Depositary shall deliver to such
holder or to the person or persons designated by such holder as hereinafter provided, the number of whole shares of Stock and all money and other property, if any, represented by the Receipt or Receipts so surrendered for withdrawal, but holders of
such whole shares of Stock will not thereafter be entitled to deposit such Stock hereunder or to receive Depositary Shares therefor. If a Receipt delivered by the holder to the Depositary in connection with such withdrawal shall evidence a number of
Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Stock to be so withdrawn, the Depositary shall at the same time, in addition to such number of whole shares of Stock and such money and other
property, if any, to be so withdrawn, deliver to such holder, or upon his order, a new Receipt evidencing such excess number of Depositary Shares, provided, however, that the Depositary shall not issue any Receipt evidencing a
fractional Depositary Share. Delivery of the Stock and money and other property being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate which, if required by
the Depositary, shall be properly endorsed or accompanied by proper instruments of transfer. 
 If the Stock and the money and other property
being withdrawn are to be delivered to a person or persons other than the record holder of the Receipt or Receipts being 
  

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 surrendered for withdrawal of Stock, such holders shall execute and deliver to the Depositary a written order so
directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered by such holder for withdrawal of such shares of Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in
blank. 
 Delivery of the Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal shall be made by
the Depositary at the Depositary’s Office, except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such other place as may be
designated by such holder. 
 SECTION 2.5 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts. As a
condition precedent to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Company may require payment to it of a sum
sufficient for the payment (or, in the event that the Depositary or the Company shall have made such payment, the reimbursement to it) of any charges or expenses payable by the holder of a Receipt pursuant to Sections 3.2 and 5.7, may require the
production of evidence satisfactory to it as to the identity and genuineness of any signature, and may also require compliance with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this
Deposit Agreement. 
 The deposit of Stock may be refused, the delivery of Receipts against Stock may be suspended, the registration of
transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Company is closed, or (ii) if any such
action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission or under any
provision of this Deposit Agreement. 
 SECTION 2.6 Lost Receipts, etc. In case any receipt shall be mutilated, destroyed, lost or
stolen, the Depositary in its reasonable discretion may execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon
(i) the filing by the holder thereof with the Depositary of evidence reasonably satisfactory to the Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his or her ownership thereof, (ii) the
furnishing of the Depositary with indemnification reasonably satisfactory to it and the Company and (iii) the payment of any reasonable expense (including reasonable fees, charges and expenses of the Depositary) in connection with such
execution and delivery. 
 SECTION 2.7 Cancellation and Destruction of Surrendered Receipts. All Receipts surrendered to the
Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation, the Company is authorized to destroy all Receipts so cancelled. 
  

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 SECTION 2.8 Redemption of Stock. Whenever the Company shall be permitted and shall elect to redeem
shares of Stock in accordance with the provisions of the Certificate, it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary not less than 60 days’ notice of the date of such proposed
redemption or exchange of Stock and of the number of such shares held by the Depositary to be so redeemed and the applicable redemption price, as set forth in the Certificate, which notice shall be accompanied by a certificate from the Company
stating that such redemption of Stock is in accordance with the provisions of the Certificate. Notice of redemption of Stock will also be given by the Company by publication in a newspaper of general circulation in the County of Los Angeles and the
City of New York, such publication to be made once a week for two successive weeks commencing not less than 30 nor more than 60 days prior to the redemption date, and the Depositary will publish a notice of redemption of the Depositary Shares
containing the same type of information and in the same manner as the Company’s notice of redemption. On the date of such redemption, provided that the Company shall then have paid or caused to be paid in full to the Depositary the redemption
price of the Stock to be redeemed, plus an amount equal to any accrued and unpaid dividends thereon to the date fixed for redemption, in accordance with the provisions of the Certificate, the Depositary shall redeem the number of Depositary Shares
representing such Stock. The Depositary shall mail notice of the Company’s redemption of Stock and the proposed simultaneous redemption of the number of Depositary Shares representing the Stock to be redeemed by first-class mail, postage
prepaid, not less than 30 and not more than 60 days prior to the date fixed for redemption of such Stock and Depositary Shares (the “Redemption Date”) to the record holders of the Receipts evidencing the Depositary Shares to be so
redeemed, at the address of such holders as they appear on the records of the Depositary; but neither failure to mail any such notice of redemption of Depositary Shares to one or more such holders nor any defect in any notice of redemption of
Depositary Shares to one or more such holders shall affect the sufficiency of the proceedings for redemption as to the other holders. The Company will provide the Depositary with the information necessary for the Depositary to prepare such notice
and each such notice shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such holder are to be redeemed, the number of such Depositary Shares
held by such holder to be so redeemed; (iii) the redemption price per Depositary Share; (iv) the place or places where Receipts evidencing Depositary Shares are to be surrendered for payment of the redemption price; and (v) that
dividends in respect of the Stock represented by the Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed
shall be determined pro rata or by lot in a manner determined by the Board of Directors. 
 Notice having been mailed by the Depositary as
aforesaid, from and after the Redemption Date (unless the Company shall have failed to provide the funds necessary to redeem the Stock evidenced by the Depositary Shares called for redemption) (i) dividends on the shares of Stock so called for
redemption shall cease to accrue from and after such date, (ii) the Depositary Shares being redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all rights of the holders of Receipts evidencing such Depositary
Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, cease and terminate, and (iv) upon surrender in accordance with such redemption notice of the Receipts evidencing any such Depositary
Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary 
  

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 Shares shall be redeemed by CSS at a redemption price per Depositary Share equal to the same fraction of the redemption
price per share paid with respect to the shares of Stock as the fraction each Depositary Share represents of a share of Stock plus the same fraction of all money and other property, if any, represented by such Depositary Shares, including all
amounts paid by the Company in respect of dividends which on the Redemption Date have accumulated on the shares of Stock to be so redeemed and have not theretofore been paid. Any funds deposited by the Company with CSS for any Depositary Shares that
the holders thereof fail to redeem will be returned to the Company after a period of five years from the date such funds are so deposited. 
 If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such Receipt upon its surrender to the Depositary, together with the redemption payment, a new Receipt
evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption, provided, however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary Share. 
 ARTICLE III  
 Certain Obligations
of 
 Holders of Receipts and the Company 
 SECTION 3.1 Filing Proofs, Certificates and Other Information. Any holder of a Receipt may be required from time to time to file such proof of residence, or other matters or other information, to execute
such certificates and to make such representations and warranties as the Depositary or the Company may reasonably deem necessary or proper or otherwise reasonably request. The Depositary or the Company may withhold the delivery, or delay the
registration of transfer, redemption or exchange, of any Receipt or the withdrawal or conversion of the Stock represented by the Depositary Shares evidenced by any Receipt or the distribution of any dividend or other distribution or the sale of any
rights or of the proceeds thereof until such proof or other information is filed or such certificates are executed or such representations and warranties are made. 
 SECTION 3.2 Payment of Taxes or Other Governmental Charges. Holders of Receipts shall be obligated to make payments to the Depositary of certain charges and expenses, as provided in Section 5.7.
Registration of transfer of any Receipt or any withdrawal of Stock and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and any dividends, interest
payments or other distributions may be withheld or any part of or all the Stock or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the holder thereof (after
attempting by reasonable means to notify such holder prior to such sale), and such dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the holder of such
Receipt remaining liable for any deficiency. 
 SECTION 3.3 Warranty as to Stock. The Company hereby represents and warrants that the
Stock, when issued, will be duly authorized, validly issued, fully paid and nonassessable. Such representation and warranty shall survive the deposit of the Stock and the issuance of Receipts. 
  

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 ARTICLE IV  
 The Deposited Securities; Notices 
 SECTION 4.1 Cash Distributions. Whenever CSS shall receive
any cash dividend or other cash distribution on Stock, CSS shall, subject to Sections 3.1 and 3.2, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are,
as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that in case the Company or CSS shall be required to withhold and shall withhold from any cash
dividend or other cash distribution in respect of the Stock an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares shall
be reduced accordingly. In the event that the calculation of any such cash dividend or other cash distribution to be paid to any record holder on the aggregate number of Depositary Receipts held by such holder results in an amount which is a
fraction of a cent, the amount CSS shall distribute to such record holder shall be rounded to the next highest whole cent if such fraction of a cent is equal to or greater than $.005, otherwise such fractional interest shall be disregarded; and upon
request of CSS, the Company shall pay the additional amount to CSS for distribution. 
 SECTION 4.2 Distributions Other than Cash, Rights,
Preferences or Privileges. Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to record holders of Receipts on
the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such
holders, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution. If in the opinion of the Depositary such distribution cannot be made proportionately among such record holders, or if for any other
reason (including any requirement that the Company or the Depositary withhold an amount on account of taxes) the Depositary deems such distribution not to be feasible, the Depositary may, with the approval of the Company, adopt such method as it
deems equitable and practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, at such place or places and upon such terms as it may
deem equitable and appropriate. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by the Depositary to record holders of Receipts as provided by
Section 4.1 in the case of a distribution received in cash. 
 SECTION 4.3 Subscription Rights, Preferences or Privileges. If the
Company shall at any time offer or cause to be offered to the persons in whose names Stock is recorded on the books of the Company any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or
privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the record holders of Receipts in such manner as the Depositary may determine, either by the issue to such
record holders of warrants representing such rights, preferences or privileges or by such other method as may be approved by the Depositary in its discretion with the approval of the Company; provided, however, that (i) if at the
time of issue or offer of any such rights, 
  

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 preferences or privileges the Depositary determines that it is not lawful or (after consultation with the Company) not
feasible to make such rights, preferences or privileges available to holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by holders of Receipts who do not desire to execute such rights,
preferences or privileges, then the Depositary, in its discretion (with approval of the Company, in any case where the Depositary has determined that it is not feasible to make such rights, preferences or privileges available), may, if applicable
laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such
sale shall, subject to Sections 3.1 and 3.2, be distributed by the Depositary to the record holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. 
 If registration under the Securities Act of the securities to which any rights, preferences or privileges relate is required in order for holders of
Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, the Company will file promptly a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and
securities and use its best efforts and take all steps available to it to cause such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise
such rights, preferences or privileges. In no event shall the Depositary make available to the holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until it has received written notice from
the Company that such registration statement shall have become effective, or that the offering and sale of such securities to such holders are exempt from registration under the provisions of the Securities Act and the Company shall have provided to
the Depositary an opinion of counsel reasonably satisfactory to the Depositary to such effect. 
 If any other action under the laws of any
jurisdiction or any governmental or administrative authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to holders of Receipts, the Company will use its reasonable best efforts to take
such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. 
 SECTION 4.4 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts. Whenever any cash dividend or other cash distribution shall
become payable or any distribution other than cash shall be made, or if rights, preferences or privileges shall at any time be offered, with respect to Stock, or whenever the Depositary shall receive notice of any meeting at which holders of Stock
are entitled to vote or of which holders of Stock are entitled to notice, or whenever the Depositary and the Company shall decide it is appropriate, the Depositary shall in each such instance fix a record date (which shall be the same date as the
record date fixed by the Company with respect to or otherwise in accordance with the terms of the Stock) for the determination of the holders of Receipts who shall be entitled to receive such dividend, distribution, rights, preferences or privileges
or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons. 
  

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 SECTION 4.5 Voting Rights. Upon receipt of notice of any meeting at which the holders of Stock are
entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts a notice which shall contain (i) such information as is contained in such notice of meeting and (ii) a statement that the
holders may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Stock represented by their respective Depositary Shares (including an express indication that
instructions may be given to the Depositary to give a discretionary proxy to a person designated by the Company) and a brief statement as to the manner in which such instructions may be given. Upon the written request of the holders of Receipts on
the relevant record date, the Depositary shall use its best efforts to vote or cause to be voted, in accordance with the instructions set forth in such requests, the maximum number of whole shares of Stock represented by the Depositary Shares
evidenced by all Receipts as to which any particular voting instructions are received. The Company hereby agrees to take all action which may be deemed necessary by the Depositary in order to enable the Depositary to vote such Stock or cause such
Stock to be voted. In the absence of specific instructions from the holder of a Receipt, the Depositary will not vote (but, at its discretion, may appear at any meeting with respect to such Stock unless directed to the contrary by the holders of all
the Receipts) to the extent of the Stock represented by the Depositary Shares evidenced by such Receipt. 
 SECTION 4.6 Changes Affecting
Deposited Securities and Reclassifications, Recapitalizations, etc. Upon any change in par value or liquidation preference, split-up, combination or any other reclassification of the Stock, or upon any recapitalization, reorganization, merger or
consolidation affecting the Company or to which it is a party, the Depositary may in its discretion with the approval (not to be unreasonably withheld) of, and shall upon the instructions of, the Company, and (in either case) in such manner as the
Depositary may deem equitable, (i) make such adjustments in the fraction of an interest in one share of Stock represented by one Depositary Share as may be necessary (as certified by the Company) fully to reflect the effects of such change in
par value or liquidation preference, split-up, combination or other reclassification of Stock, or of such recapitalization, reorganization, merger or consolidation and (ii) treat any securities which shall be received by the Depositary in
exchange for or upon conversion of or in respect of the Stock as new deposited securities so received in exchange for or upon conversion or in respect of such Stock. In any such case, the Depositary may in its discretion, with the approval of the
Company, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited securities. Anything to the contrary herein notwithstanding,
holders of Receipts shall have the right from and after the effective date of any such change in par value or liquidation preference, split-up, combination or other reclassification of the Stock or any such recapitalization, reorganization, merger
or consolidation to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Stock represented thereby only into or for, as the case may be, the kind and amount of shares of stock and other securities and
property and cash into which the Stock represented by such Receipts would have been converted or for which such Stock would have been exchanged or surrendered had such Receipt been surrendered immediately prior to the effective date of such
transaction. 
 SECTION 4.7 Delivery of Reports. The Depositary shall furnish to holders of Receipts any reports and communications
received from the Company which are received by the Depositary as the holder of Stock. 
  

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 SECTION 4.8 List of Receipt Holders. Promptly upon request from time to time by the Company, the
Depositary shall furnish to it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all record holders of Receipts. The Company shall be entitled to receive such list four times annually
without charge. 
 ARTICLE V  
 The Depositary, the Depositary’s 
 Agents, the Registrar and the Company 
 SECTION 5.1 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar. Upon execution of this Deposit Agreement, the
Depositary shall maintain at the Depositary’s office facilities for the execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any,
facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in accordance with the provisions of this Deposit Agreement. 
 The Depositary shall keep books at the Depositary’s Office for the registration and registration of transfer of Receipts, which books during normal business hours shall be open for inspection by the record
holders of Receipts; provided that any such holder requesting to exercise such right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary
Shares evidenced by the Receipts. 
 The Depositary may close such books, at any time or from time to time, when deemed expedient by it in
connection with the performance of its duties hereunder. 
 The Depositary may, with the approval of the Company, appoint a Registrar for
registration of the Receipts or the Depositary Shares evidenced thereby. If the Receipts or the Depositary Shares evidenced thereby or the Stock represented by such Depositary Shares shall be listed on one or more national securities exchanges, the
Depositary will appoint a Registrar (acceptable to the Company) for registration of such Receipts or Depositary Shares in accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the
requirements of any such exchange) may be removed and a substitute registrar appointed by the Depositary upon the request or with the approval of the Company. If the Receipts, such Depositary Shares or such Stock are listed on one or more other
stock exchanges, the Depositary will, at the request and at the expense of the Company, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of such Receipts, such Depositary Shares or such Stock
as may be required by law or applicable securities exchange regulation. 
 The Depositary may from time to time appoint Depositary’s
Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will
notify the Company of any such action. 
  

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 SECTION 5.2 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the
Registrar or the Company. Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall incur any liability to any holder of any Receipt if by reason of any provision of any present or future law, or regulation
thereunder, of the United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Company’s Articles of
Incorporation or by reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar or the Company shall be prevented, delayed or forbidden from, or subjected
to any penalty on account of, doing or performing any act or thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the Registrar or the Company incur liability to
any holder of a Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason
of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement except, in the case of any such exercise or failure to exercise discretion not caused as aforesaid, if caused by the gross negligence or willful
misconduct of the party charged with such exercise or failure to exercise. 
 SECTION 5.3 Obligation of the Depositary, the
Depositary’s Agents, the Registrar and the Company. Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company assumes any obligation or shall be subject to any liability under this Deposit Agreement or any
Receipt to holders of Receipts other than for its gross negligence, willful misconduct or bad faith. 
 Neither the Depositary nor any
Depositary’s Agent nor the Registrar nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of the Stock, the Depositary Shares or the Receipts which in its reasonable
opinion may involve it in expense or liability unless indemnity reasonably satisfactory to it against expense and liability be furnished as often as may be reasonably required. 
 Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall be liable for any action or any failure to act by it in
reliance upon the written advice of legal counsel or accountants, or information from any person presenting Stock for deposit, any holder of a Receipt or any other person believed by it in good faith to be competent to give such information. The
Depositary, any Depositary’s Agent, the Registrar and the Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document reasonably believed by it to be genuine and to have been signed
or presented by the proper party or parties. 
 The Depositary shall not be responsible for any failure to carry out any instruction to vote
any of the shares of Stock or for the manner or effect of any such vote made, as long as any such action or non-action is in good faith. The Depositary will indemnify the Company and hold it harmless from any loss, liability or expense (including
the reasonable costs and expenses of defending itself) which may arise out of acts performed or omitted by the Depositary, including when such Depositary acts as Registrar, or the Depositary’s Agents in connection with this Agreement due to its
or their gross negligence, willful misconduct or bad faith. The indemnification obligations of the Depositary set forth in this Section 5.3 shall survive any termination of this Agreement and any succession of any Depositary. 
  

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 The Depositary, its parent, affiliates or subsidiaries, the Depositary’s Agents, and the Registrar
may own, buy, sell and deal in any class of securities of the Company and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in which the Company or its affiliates may be interested or contract
with or lend money to or otherwise act as fully or as freely as if it were not the Depositary, parent, affiliate or subsidiary or Depositary’s Agent or Registrar hereunder. The Depositary may also act as trustee, transfer agent or registrar of
any of the securities of the Company and its affiliates. 
 It is intended that neither the Depositary nor any Depositary’s Agent nor
the Registrar, acting as the Depositary’s Agent or Registrar, as the case may be, shall be deemed to be an “issuer” of the securities under the federal securities laws or applicable state securities laws, it being expressly understood
and agreed that the Depositary, any Depositary’s Agent and the Registrar are acting only in a ministerial capacity as Depositary or Registrar for the Stock. 
 Neither the Depositary (or its officers, directors, employees or agents) nor any Depositary’s Agent nor the Registrar makes any representation or has any responsibility as to the validity of the registration
statement pursuant to which the Depositary Shares are registered under the Securities Act, the Stock, the Depositary Shares or the Receipts (except for its counter-signatures thereon) or any instruments referred to therein or herein, or as to the
correctness of any statement made therein or herein. 
 The Depositary assumes no responsibility for the correctness of the description that
appears in the Receipts, which can be taken as a statement of the Company summarizing certain provisions of this Deposit Agreement. Notwithstanding any other provision herein or in the Receipts, the Depositary makes no warranties or representations
as to the validity or genuineness of any Stock at any time deposited with the Depositary hereunder or of the Depositary Shares, as to the validity or sufficiency of this Deposit Agreement, as to the value of the Depositary Shares or as to any right,
title or interest of the record holders of Receipts in and to the Depositary Shares. The Depositary shall not be accountable for the use or application by the Company of the Depositary Shares or the Receipts or the proceeds thereof. 
 SECTION 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary
hereunder by delivering notice of its election to do so to the Company, such resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 
 The Depositary may at any time be removed by the Company by notice of such removal delivered to the Depositary, such removal to take effect upon the
appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 
 In case at any time the Depositary
acting hereunder shall resign or be removed, the Company shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust company having 

 

 13 

 its principal office in the United States of America and having a combined capital and surplus of at least $150,000,000.
If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after delivery of such notice, the resigning or removed Depositary may petition any court of competent jurisdiction for the appointment of a
successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor Depositary, without any further act or deed,
shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written
request of the Company, shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Stock and any moneys or
property held hereunder to such successor, and shall deliver to such successor a list of the record holders of all outstanding Receipts and such records, books and other information in its possession relating thereto. Any successor Depositary shall
promptly mail notice of its appointment to the record holders of Receipts. 
 Any corporation into or with which the Depositary may be
merged, consolidated or converted shall be the successor of such Depositary without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the
Receipts in the name of the predecessor Depositary or in the name of the successor Depositary. 
 SECTION 5.5 Corporate Notices and
Reports. The Company agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof, transmit to the record holders of Receipts, in each case at the addresses recorded in the Depositary’s books,
copies of all notices and reports (including without limitation financial statements) required by law or by the rules of any national securities exchange upon which the Stock, the Depositary Shares or the Receipts are listed, to be furnished to the
record holders of Receipts. Such transmission will be at the Company’s expense and the Company will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. 
 SECTION 5.6 Indemnification by the Company. The Company shall indemnify the Depositary, any Depositary’s Agent and the Registrar against, and
hold each of them harmless from, any loss, liability or expense (including the reasonable costs and expenses of defending itself) which may arise out of acts performed or omitted in connection with this Deposit Agreement and the Receipts by the
Depositary, any Registrar or any of their respective agents (including any Depositary’s Agent), except for any liability arising out of gross negligence, willful misconduct or bad faith on the respective parts of any such person or persons. The
obligations of the Company set forth in this Section 5.6 shall survive any succession of any Depositary or Depositary’s Agent. Subject to the foregoing, the Depositary may, at any time, apply to any officer of the Company for instruction,
and may consult with legal counsel for the Company with respect to any matter arising in connection with the services to be performed by the Depositary under this Agreement, and Depositary and its agents and subcontractors shall not be liable and
shall be indemnified by the Company for any action taken or omitted by it in reliance upon such instructions or upon the advice or opinion of such counsel. 
  

 14 

 SECTION 5.7 Charges and Expenses. The Company shall pay all transfer and other taxes and
governmental charges arising solely from the existence of the depositary arrangements. The Company shall pay charges of the Depositary in connection with the initial deposit of the Stock and the initial issuance of the Depositary Shares, all
withdrawals of shares of the Stock by owners of Depositary Shares, and any redemption of the Stock at the option of the Company. All other transfer and other taxes and governmental charges shall be at the expense of holders of Depositary Shares. If,
at the request of a holder of Receipts, the Depositary incurs charges or expenses for which it is not otherwise liable hereunder, such holder will be liable for such charges and expenses. All other charges and expenses of the Depositary and any
Depositary’s Agent hereunder (including, in each case, reasonable fees and expenses of counsel) incident to the performance of their respective obligations hereunder will be paid upon consultation and agreement between the Depositary and the
Company as to the amount and nature of such charges and expenses. The Depositary shall present its statement for charges and expenses to the Company at such intervals as the Company and the Depositary may agree. 
 SECTION 5.8 Tax Compliance. The Depositary, on its own behalf and on behalf of the Company, will comply with all applicable certification,
information reporting and withholding (including “backup” withholding) requirements imposed by applicable tax laws, regulations or administrative practice with respect to (i) any payments made with respect to the Depositary Shares or
(ii) the issuance, delivery, holding, transfer, redemption or exercise of rights under the Depositary Receipts or the Depositary Shares. Such compliance shall include, without limitation, the preparation and timely filing of required returns
and the timely payment of all amounts required to be withheld to the appropriate taxing authority or its designated agent. 
 The Depositary
shall comply with any direction received from the Company with respect to the application of such requirements to particular payments or holders or in other particular circumstances, and may for purposes of this Agreement rely on any such direction
in accordance with the provisions of Section 5.3 hereof. 
 The Depositary shall maintain all appropriate records documenting compliance
with such requirements, and shall make such records available on request to the Company or to its authorized representatives. 
 The Company
acknowledges that the bank accounts maintained by CSS in connection with the services provided hereunder will be in CSS’s name and that, to the extent permitted by law, CSS may receive investment earnings in connection with the investment at
CSS’s risk and for its benefit of funds held in those accounts from time to time. 
 ARTICLE VI  
 Amendment and Termination 
 SECTION
6.1 Amendment. The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary in any respect which they may deem necessary or
desirable; provided, however, that no such amendment (other than any change in the fees of any Depositary or Registrar, which shall go into effect not sooner than three months after notice thereof to the 
  

 15 

 holders of the Receipts) which shall materially adversely alter the rights of the holders of Receipts shall be effective
unless such amendment shall have been approved by the holders of at least a majority of the Depositary Shares then outstanding. Every holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to
hold such Receipt, to be bound by the Deposit Agreement as amended thereby. Notwithstanding the foregoing, in no event may any amendment impair the right of any holder of any Depositary Shares, upon surrender of the Receipts evidencing such
Depositary Shares and subject to any conditions specified in this Deposit Agreement, to receive shares of Stock and any money or other property represented thereby, except in order to comply with mandatory provisions of applicable law. 

SECTION 6.2 Termination. This Deposit Agreement may be terminated by the Company at any time upon not less than 60 days’ prior written
notice to the Depositary, in which case, on a date that is not later than 30 days after the date of such notice, the Depositary shall deliver or make available for delivery to holders of Depositary Shares, upon surrender of the Receipts evidencing
such Depositary Shares, such number of whole or fractional shares of Stock as are represented by such Depositary Shares. This Deposit Agreement will automatically terminate after (i) all outstanding Depositary Shares have been redeemed pursuant
to Section 2.8 or (ii) there shall have been made a final distribution in respect of the Stock in connection with any liquidation, dissolution or winding up of the Company and such distribution shall have been distributed to the holders of
Depositary Receipts pursuant to Section 4.1 or 4.2, as applicable. 
 Upon the termination of this Deposit Agreement, the Company shall
be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary, the Registrar and any Depositary’s Agent under Sections 5.6 and 5.7. 
 ARTICLE VII  
 Miscellaneous 
 SECTION 7.1 Counterparts. This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate
counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. 
 SECTION 7.2 Exclusive Benefit of Parties. This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective
successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever. 
 SECTION 7.3 Invalidity of Provisions. In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 
  

 16 

 SECTION 7.4 Notices. Any and all notices to be given to the Company hereunder or under the
Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by telegram or facsimile transmission confirmed by letter, addressed to the Company at: 
 Public Storage, Inc. 
 701 Western Avenue, 2nd
Floor 
 Glendale, California 91201-2397 
 Facsimile No.: (818) 244-9267 
 or at any other address of which the Company shall have notified the
Depositary in writing. 
 Any and all notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be
deemed to have been duly given if personally delivered or sent by mail or by telegram or facsimile transmission confirmed by letter, addressed to the Depositary at the Depositary’s Office, at: 
 Computershare Trust Company, N. A. 
 250
Royall Street 
 Mail Stop: 3B 
 Canton, MA 02021 
 Attention: Client Administration 
 Facsimile No.: (617) 575-2549 
 or at any other address of which the Depositary shall
have notified the Company in writing. 
 Any and all notices to be given to any record holder of a Receipt hereunder or under the Receipts
shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by telegram or facsimile transmission confirmed by letter, addressed to such record holder at the address of such record holder as it appears
on the books of the Depositary, or if such holder shall have filed with the Depositary a written request that notices intended for such holder be mailed to some other address, at the address designated in such request. 
 Delivery of a notice sent by mail or by telegram or facsimile transmission shall be deemed to be effected at the time when a duly addressed letter
containing the same (or a confirmation thereof in the case of a telegram or facsimile transmission) is deposited for mailing by first class mail, postage prepaid. The Depositary or the Company may, however, act upon any telegram or facsimile
transmission received by it from the other or from any holder of a Receipt, notwithstanding that such telegram or facsimile transmission shall not subsequently be confirmed by letter or as aforesaid. 
 SECTION 7.5 Appointment of Registrar. The Company hereby also appoints the Depositary as Registrar in respect of the Receipts and the Depositary
hereby accepts such appointments. 
 SECTION 7.6 Holders of Receipts Are Parties. The holders of Receipts from time to time shall be
parties to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance of delivery thereof. 
  

 17 

 SECTION 7.7 Governing Law. THIS DEPOSIT AGREEMENT AND THE RECEIPTS AND ALL RIGHTS HEREUNDER AND
THEREUNDER AND PROVISIONS HEREOF AND THEREOF SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS APPLICABLE TO CONTRACTS MADE IN AND TO BE PERFORMED IN THE STATE OF NEW YORK, INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE NEW YORK
GENERAL OBLIGATIONS LAW. 
 SECTION 7.8 Inspection of Deposit Agreement. Copies of this Deposit Agreement shall be filed with the
Depositary and the Depositary’s Agent and shall be open to inspection during business hours at the Depositary’s Office or respective offices of the Depositary’s Agent, if any, by any holder of a Receipt. 
 SECTION 7.9 Headings. The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto
have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 
  

 18 

 IN WITNESS WHEREOF, the Company and the Depositary have duly executed this Agreement as of the day and
year first above set forth, and all holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof. 
  

									
		 		 		 	PUBLIC STORAGE, INC.
			
	Attested by:	 		 	
			
	  	 		 	  
					
	Name:	 	John Reyes	 		 	Name:	 	Stephanie G. Heim
	Title:	 	Senior Vice President and Chief Financial Officer	 		 	Title:	 	Vice President, Corporate Counsel and Secretary
				
		 		 		 	COMPUTERSHARE TRUST COMPANY, N. A.
				
	Attested by:	 		 		 	
			
	  	 		 	  
					
	Name:	 	Margaret Dunn	 		 	Name:	 	Tyler Haynes
	Title:	 	Senior Account Manager	 		 	Title:	 	Managing Director

  

 19 

 ANNEX A 
 TEMPORARY RECEIPT EXCHANGEABLE FOR DEFINITIVE 
 ENGRAVED RECEIPT WHEN READY FOR DELIVERY

 The Shares represented by this Depositary Receipt are subject to restrictions on ownership and transfer for the purpose of this Corporation’s
maintenance of its status as a Real Estate Investment Trust under the Internal Revenue Code of 1986, as amended. Except as set forth in this Corporation’s Articles of Incorporation or Bylaws, no person may Beneficially Own (i) more than
2.0% of the outstanding shares of Common Stock of this Corporation, or (ii) more than 9.9% of the outstanding shares of any series of Preferred Stock or Equity Stock of this Corporation, with certain further restrictions and exceptions as are
set forth in this Corporation’s Articles of Incorporation or Bylaws. Any Person who attempts to own or Beneficially Own Shares in excess of the above limitations must immediately notify this Corporation. All capitalized terms in this legend
have the meanings defined in this Corporation’s Articles of Incorporation or Bylaws. If any of the restrictions on transfer or ownership set forth in the Articles of Incorporation or Bylaws are violated, the Shares represented hereby will be
automatically transferred to the Trustee of a Trust for the benefit of a Charitable Beneficiary pursuant to the terms of the Articles of Incorporation or Bylaws. In addition, attempted transfers of Shares in violation of the limitations described
above (as modified or expanded upon in this Corporation’s Articles of Incorporation or Bylaws), may be void ab initio. This Corporation will furnish to the holder hereof, upon request and without charge, a complete written
statement of the terms and conditions of these restrictions. Requests for such documents may be directed to the corporate secretary. 
  

	
	DEPOSITARY SHARES
	
	 THIS DEPOSITARY RECEIPT
 IS TRANSFERABLE IN
 BOSTON,
 MA OR NEW YORK, NY

	
	 CUSIP 74460D 27 3

	
	     SEE REVERSE FOR
 CERTAIN
DEFINITIONS

 DEPOSITARY RECEIPT FOR DEPOSITARY 
         SHARES EACH REPRESENTING 1/1,000th OF A 
         SHARE OF 7.25% CUMULATIVE PREFERRED STOCK, 
         SERIES
K 
                                        
 OF 
                     PUBLIC STORAGE, INC.

                     INCORPORATED UNDER THE 

            LAWS OF THE STATE OF CALIFORNIA 
  

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 COMPUTERSHARE TRUST COMPANY, N. A., as Depositary (the “Depositary”), hereby certifies that

 is the registered owner of
                                        
DEPOSITARY SHARES 
 (“Depositary Shares”), each Depositary Share representing a 1/1,000 interest in one share of 7.25% Cumulative Preferred Stock,
Series K (the “Stock”), of Public Storage, Inc., a California corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of August 8,
2006 (the “Deposit Agreement”), between the Corporation and the Depositary. By accepting this Depositary Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This
Depositary Receipt shall not be valid or obligatory for any purpose or be entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual and/or facsimile signature of a duly authorized officer
or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect of the Depositary Receipts by a duly authorized officer. 
 The
Corporation is authorized to issue Common Stock, one or more series of Preferred Stock, one or more series of Equity Stock and Depositary Shares. The Corporation will furnish without charge to each receiptholder, who so requests in writing, a
statement of the rights, preferences, privileges and restrictions granted to or imposed upon the respective classes of shares and upon the holders thereof, a copy of the Corporation’s Bylaws and a copy of the Deposit Agreement. Any such request
shall be made to the Corporation at the principal office of the Corporation at 701 Western Avenue, Glendale, California 91201-2397, Attention: Secretary. 
 This Depositary Receipt is continued on the reverse hereof and the additional provisions set forth therein (including, without limitation, those relating to redemption) for all purposes have the same effect as if set forth at this place.

 Dated: 
  

			
	Countersigned
	
	COMPUTERSHARE TRUST COMPANY, N.A.
	
	Depositary, Transfer Agent and Registrar
		
	By:	 	  
		 	Authorized Officer

  

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 THE SHARES REPRESENTED BY THIS DEPOSITARY RECEIPT ARE SUBJECT TO THE PROVISIONS OF THE ARTICLES AND
BYLAWS, INCLUDING BUT NOT LIMITED TO (1) SECTION (C) OF THE CERTIFICATE OF DETERMINATION RELATING TO THE STOCK, WHICH CONFERS UPON THE BOARD THE RIGHT, ON OR AFTER AUGUST 8, 2011, TO CALL FOR REDEMPTION THE STOCK, (2) ARTICLE XI,
SECTION 7 OF THE BYLAWS, WHICH CONFERS UPON THE BOARD THE RIGHT TO REFUSE TO REGISTER THE TRANSFER OF AND/OR TO CALL FOR REDEMPTION THE SHARES REPRESENTED BY THIS CERTIFICATE IF NECESSARY IN ITS OPINION TO MAINTAIN THE CORPORATION’S
QUALIFICATION AS A “REAL ESTATE INVESTMENT TRUST” UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND (3) THE PROVISIONS OF THE ARTICLES AND BYLAWS, WHICH SET FORTH OWNERSHIP LIMITATION PROVISIONS DESIGNED TO MAINTAIN SUCH
QUALIFICATION. 
 1. The Deposit Agreement. Depositary Receipts, of which this Depositary Receipt is one, are made available upon the
terms and conditions set forth in the Deposit Agreement, dated as of August 8, 2006 (the “Deposit Agreement”), among the Company, the Depositary and all holders from time to time of Depositary Receipts. The Deposit Agreement (copies
of which are on file at the principal office maintained by the Depositary which at the time of the execution of the Deposit Agreement is located at 250 Royall Street, Mail Stop: 45-02-62, Canton, MA 02021 (the “Depositary’s Office”)
and at the office of any agent of the Depositary) sets forth the rights of holders of Depositary Receipts and the rights and duties of the Depositary. The statements made on the face and the reverse of this Depositary Receipt are summaries of
certain provisions of the Deposit Agreement and are subject to the detailed provisions thereof, to which reference is hereby made. In the event of any conflict between the provisions of this Depositary Receipt and the provisions of the Deposit
Agreement, the provisions of the Deposit Agreement will govern. 
 2. Definitions. Unless otherwise expressly herein provided, all
defined terms used in this summary of the Deposit Agreement shall have the meanings ascribed thereto in the Deposit Agreement. 
 3.
Redemption of Stock. Whenever the Company shall elect to redeem shares of Stock, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary not less than 60 days’ notice of the date of such proposed redemption
and of the number of such shares of Stock held by the Depositary to be so redeemed and the applicable redemption price. The Depositary shall mail, first-class postage prepaid, notice of the redemption of Stock and the proposed simultaneous
redemption of Depositary Shares representing the Stock to be redeemed, not less than 30 and not more than 60 days prior to the date fixed for redemption of such Stock and Depositary Shares, to the record holders of the Depositary Receipts evidencing
the Depositary Shares to be so redeemed, at the addresses of such holders as the same appear on the records of the Depositary. Any such notice shall also be published in the same manner as notices of redemption of the Stock are required to be
published by the Company. On the date of such redemption, the Depositary shall redeem the number of Depositary Shares representing such redeemed Stock; provided, that the Company shall then have paid or caused to be paid in full to the Depositary
the redemption price of the Stock to be redeemed, plus any accrued and unpaid dividends payable with respect thereto to the date of any such redemption. In case fewer than all the outstanding Depositary Shares are to be redeemed, the Depositary
Shares to be redeemed shall be determined pro rata or by lot in a manner determined by the Board of Directors. Notice having been mailed as aforesaid, from and after the Redemption Date (unless the Company shall have failed to provide the funds
necessary to redeem the shares of Stock evidenced by the Depositary Shares 
  

 A-3 

 called for redemption), dividends on the shares of Stock so called for redemption shall cease to accrue, the Depositary
Shares called for redemption shall be deemed no longer to be outstanding and all rights of the holders of Depositary Receipts evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such
Depositary Shares, cease and terminate. Upon surrender in accordance with said notice of the Depositary Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require),
such Depositary Shares shall be redeemed at a redemption price per Depositary Share equal to the same fraction of the redemption price per share paid with respect to the shares of Stock as the fraction each Depositary Share represents of a share of
Stock plus the same fraction of all money and other property, if any, represented by such Depositary Shares, including all amounts paid by the Company in respect of dividends which on the Redemption Date have accumulated on the shares of Stock to be
so redeemed and have not theretofore been paid. The foregoing is subject further to the terms and conditions of the Certificate of Determination. If fewer than all of the Depositary Shares evidenced by this Depositary Receipt are called for
redemption, the Depositary will deliver to the holder of this Depositary Receipt upon its surrender to the Depositary, together with the redemption payment, a new Depositary Receipt evidencing the Depositary Shares evidenced by such prior Depositary
Receipt and not called for redemption. 
 4. Surrender of Depositary Receipts and Withdrawal of Stock. Upon surrender of this
Depositary Receipt to the Depositary at the Depositary’s Office or at such other offices as the Depositary may designate, and subject to the provisions of the Deposit Agreement, the holder hereof is entitled to withdraw, and to obtain delivery,
without unreasonable delay, to or upon the order of such holder, any or all of the Stock (but only in whole shares of Stock) and all money and other property, if any, at the time represented by the Depositary Shares evidenced by this Depositary
Receipt; provided, however, that, in the event this Depositary Receipt shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the whole number of shares of Stock to be withdrawn, the Depositary shall,
in addition to such whole number of shares of Stock and such money and other property, if any, to be withdrawn, deliver, to or upon the order of such holder, a new Depositary Receipt or Depositary Receipts evidencing such excess number of whole
Depositary Shares. 
 5. Transfers, Split-ups, Combinations. Subject to the Deposit Agreement, this Depositary Receipt is transferable
on the books of the Depositary upon surrender of this Depositary Receipt to the Depositary, properly endorsed or accompanied by a properly executed instrument of transfer, and upon such transfer the Depositary shall sign and deliver a Depositary
Receipt or Depositary Receipts to or upon the order of the person entitled thereto, all as provided in and subject to the Deposit Agreement. This Depositary Receipt may be split into other Depositary Receipts or combined with other Depositary
Receipts into one Depositary Receipt evidencing the same aggregate number of Depositary Shares evidenced by the Depositary Receipt or Depositary Receipts surrendered; provided, however, that the Depositary shall not issue any Depositary Receipt
evidencing a fractional Depositary Share. 
 6. Conditions to Signing and Delivery, Transfer, etc., of Depositary Receipts. Prior to
the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of this Depositary Receipt, the Depositary, any of the Depositary’s Agents or the Company may 
  

 A-4 

 require any or all of the following: (i) payment to it of a sum sufficient for the payment (or, in the event that
the Depositary or the Company shall have made such payment, the reimbursement to it) of any tax or other governmental charge with respect thereto; (ii) production of proof satisfactory to it as to the identity and genuineness of any signature;
and (iii) compliance with such reasonable regulations, if any, as the Depositary or the Company may establish not inconsistent with the Deposit Agreement. 
 7. Suspension of Delivery, Transfer, etc. The deposit of Stock may be refused, the delivery of this Depositary Receipt against Stock may be suspended, the registration of transfer of Depositary Receipts may be
refused and the registration of transfer, surrender or exchange of this Depositary Receipt may be suspended (i) during any period when the register of stockholders of the Company is closed or (ii) if any such action is deemed necessary or
advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any provision of the Deposit
Agreement. 
 8. Amendment. The form of the Depositary Receipts and any provision of the Deposit Agreement may at any time and from
time to time be amended by agreement between the Company and the Depositary in any respect that they may deem necessary or desirable; provided, however, that no such amendment (other than any changes in the fees of any Depositary or Registrar which
shall go into effect not sooner than three months after Notice thereof to the holders of the Depositary Receipts) which shall materially adversely alter the rights of holders of Depositary Receipts shall be effective unless such amendment shall have
been approved by at least a majority of the Depositary Shares then outstanding. The holder of this Depositary Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold this Depositary Receipt, to be bound by the
Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the owner of the Depositary Shares evidenced by this Depositary Receipt to surrender this Depositary Receipt with instructions to the Depositary to deliver to
the holder the Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law. 
 9. Charges and Expenses. The Company will pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangement, except such charges as are expressly provided
in the Deposit Agreement to be at the expense of holders of Depositary Receipts. 
 10. Title to Depositary Receipts. Title to this
Depositary Receipt, when properly endorsed or accompanied by a properly executed instrument of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Depositary may,
notwithstanding any notice to the contrary, treat the record holder hereof at such time as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for
in the Deposit Agreement and for all other purposes. 
 11. Dividends and Distributions. Whenever the Depositary shall receive any
cash dividend or other cash distribution on the Stock, the Depositary shall, subject to the provisions of the Deposit Agreement, distribute to record holders of Depositary Receipts such amounts of such sums 
  

 A-5 

 as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the
Depositary Receipts held by such holders; provided, however, that in case the Company or the Depositary shall be required by law to withhold and does withhold from any cash dividend or other cash distribution in respect of the Stock an amount on
account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. In the event that the calculation of any such cash
dividend or other cash distribution to be paid to any record holder on the aggregate number of Depositary Receipts held by such holder results in an amount which is a fraction of a cent, the amount the Depositary shall distribute to such record
holder shall be rounded to the next highest whole cent; and upon request of the Depositary, the Company shall pay the additional amount to the Depositary for distribution. 
 12. Subscription Rights, Preferences or Privileges. If the Company shall at any time offer or cause to be offered to the persons in whose name
Stock is registered on the books of the Company any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each
such instance, subject to the provisions of the Deposit Agreement, be made available by the Depositary to the record holders of Depositary Receipts in such manner as the Depositary shall determine. 
 13. Notice of Dividends, Fixing of Record Date. Whenever (i) any cash dividend or other cash distribution shall become payable, or any
distribution other than cash shall be made, or any rights, preferences or privileges shall at any time be offered, with respect to the Stock, or (ii) the Depositary shall receive notice of any meeting at which holders of Stock are entitled to
vote or of which holders of Stock are entitled to notice or whenever the Depositary and the Company shall decide it is appropriate, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed
by the Company with respect to the Stock) for the determination of the holders of Depositary Receipts (x) who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof,
or (y) who shall be entitled to give instructions for the exercise of voting rights at any such meeting or to receive notice of such meeting or for any other appropriate reasons. 
 14. Voting Rights. Upon receipt of notice of any meeting at which the holders of Stock are entitled to vote, the Depositary shall, as soon as
practicable thereafter, mail to the record holders of Depositary Receipts a notice, which shall contain (i) such information as is contained in such notice of meeting, (ii) a statement that the holders may, subject to any applicable
restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the Stock represented by their respective Depositary Shares, and (iii) a brief statement as to the manner in which such instructions may be given. Upon
the written request of a holder of this Depositary Receipt on such record date the Depositary shall use its best efforts to vote or cause to be voted the Stock represented by the Depositary Shares evidenced by this Depositary Receipt in accordance
with the instructions set forth in such request. The Company hereby agrees to take all action that may be deemed necessary by the Depositary in order to enable the Depositary to vote such Stock or cause such Stock to be voted. In the absence of
specific instructions from the holder of this Depositary Receipt, the Depositary will abstain from voting to the extent of the Stock represented by the Depositary Shares evidenced by this Depositary Receipt. 
  

 A-6 

 15. Reports, Inspection of Transfer Books. The Depositary shall transmit to the record holders of
Depositary Receipts copies of all reports and communications received from the Company that are received by the Depositary as the holder of Stock. The Depositary shall keep books at the Corporate Office for the registration and transfer of
Depositary Receipts, which books at all reasonable times will be open for inspection by the record holders of Depositary Receipts; provided that any such holder requesting to exercise such right shall certify to the Depositary that such inspection
shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares. 
 16. Liability of the
Depositary, the Depositary’s Agents, the Registrar and the Company. Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall incur any liability to any holder of this Depositary Receipt, if by reason of
any provision of any present or future law or regulation thereunder of any governmental authority or, in the case of the Depositary, the Registrar or any Depositary’s Agent, by reason of any provision present or future, of the Articles of
Incorporation or by reason of any act of God or war or other circumstances beyond the control of the relevant party, the Depositary, any Depositary’s Agent, the Registrar or the Company shall be prevented or forbidden from doing or performing
any act or thing that the terms of the Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the Registrar or the Company incur any liability to any holder of this Depositary Receipt (i) by
reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of the Deposit Agreement provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise,
any discretion provided for in the Deposit Agreement except if such exercise or failure to exercise discretion is caused by its gross negligence or willful misconduct. 
 17. Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company. Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company assumes any obligation or
shall be subject to any liability under the Deposit Agreement or this Depositary Receipt to the holder hereof or other persons, other than for its gross negligence, willful misconduct or bad faith. 
 Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall be under any obligation to appear in, prosecute or defend
any action, suit or other proceeding with respect to Stock, Depositary Shares or Depositary Receipts or Common Stock that in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense and liability be
furnished as often as may be required. 
 Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company will be
liable for any action or failure to act by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Stock for deposit, any holder of this Depositary Receipt or any other person believed by it in good
faith to be competent to give such advice or information. 
  

 A-7 

 18. Termination of Deposit Agreement. Whenever so directed by the Company upon not less than 60
days’ prior written notice, the Depositary will terminate the Deposit Agreement by mailing notice of such termination to the record holders of all Depositary Receipts then outstanding at least 30 days after the date of such notice. Upon the
termination of the Deposit Agreement, the Company shall be discharged to all obligations thereunder except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7 of the Deposit Agreement.

 19. Governing Law. The Deposit Agreement and this Depositary Receipt and all rights thereunder and hereunder and provisions thereof
and hereof shall be governed by, and construed in accordance with, the law of the State of New York, including without limitation Section 5-1401 of the New York General Obligations Law. 
  

 A-8 

 The following abbreviations, when used in the inscription on the face of this Depositary Receipt, shall
be construed as though they were written out in full according to applicable laws or regulations: 
  

									
	 TEN COM
	 	 -
	  	as tenants in common	  	UNIF GIFT MIN ACT -	  	             Custodian             
					
	 TEN ENT
	 	 -
	  	 as tenants by the entireties
	  		  	 (Cust)                    
(Minor)

					
	 JT TEN
	 	 -
	  	 as joint tenants with right
 of survivorship and not as
 tenants in common
	  		  	 under Uniform Gifts to Minors
 Act
                    
             (State)

					
		 		  		  	 UNIF TRF MIN ACT -
	  	              Custodian (until age     
)

					
		 		  		  		  	 (Cust)
              under Uniform Transfers
 (Minor)
 to Minors Act
                            
                                 (State)

 Additional abbreviations may also be used though not in the above list.

  

 A-9 

 For Value Received,
                                        
                 hereby sell, assign and transfer unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER 
             IDENTIFYING NUMBER OF ASSIGNEE 

	
	  
                                       
                                        
                         

	  
                                       
                                        
                         

	  
                                       
                                        
                         

                                       
                                        
                                        
                                        
                                        
                                        
                    
                                       
                                        
                                        
                                        
                                        
                                        
                    
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
                                       
   Depositary Shares represented by the within Depositary Receipt, and do hereby irrevocably constitute and appoint
                                        
Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in the premises. 
  

					
	Dated                                     
                                        
                                  	 		 	Signed
			
		 		 	                                       
                                        
                                        
     
 NOTICE: THE SIGNATURE TO THIS
 ASSIGNMENT MUST CORRESPOND WITH THE
 NAME AS WRITTEN UPON THE FACE OF
 THIS DEPOSITARY RECEIPT IN EVERY
 PARTICULAR, WITHOUT ALTERATION OR

ENLARGEMENT OR ANY CHANGE WHATEVER.

 SIGNATURE(S) GUARANTEED 
  

			
	By	 	                                      
                                        
                                  
		 	 THE SIGNATURE(S) SHOULD BE GUARANTEED
 BY AN ELIGIBLE GUARANTOR INSTITUTION
 (BANKS, STOCKBROKERS, SAVINGS AND LOAN
 ASSOCIATIONS AND CREDIT UNIONS WITH
 MEMBERSHIP IN AN APPROVED
SIGNATURE
 GUARANTEE MEDALLION PROGRAM), PURSUANT
 TO S.E.C. RULE 17Ad-15.

  

 A-10

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