EFTA02703227

From: Richard Kahn Sent: Tuesday, May 10, 2016 6:11 PM To: jeffrey E. Subject: Fwd: New Issue $25 Par Preferred: Public Storage (PSA) Perpetual Preferred Stock 5.25% Area; Fixed for Life Attachments: 179335-Prelim ProSup_eRed_w-bmks.pdf; Untitled attachment 00081.htm please advise Richard Kahn HBRK Associates Inc. 575 Lexington =venue 4th Floor New York, NY 10022 Begin forwarded message: From: =/b>"Atlas, Andrew 5" Subject: =/b>New Issue $25 Par =referred: Public Storage (PSA) Perpetual Preferred Stock 5.25% Area; =ixed for Life Date: May 10, 2016 at 9:57:08 AM EDT To: "Richard Kahn Good Morning Rich, Getting you an updated market for the GS bonds. And =here's a new issue $25 Preferred pricing today. Details: Public Storage (PSA) &nb=p; EFTA_R1_02078997 EFTA02703227 Issuer: Public =torage (Ticker: "PSA") Securities =ffered: Depositary =hares Each Representing 1/1,000 of a [ I% Cumulative Preferred Share of =eneficial Interest, Series C =nbsp; &nb=p; Expected =atings: =3/BBB+(Stable/Stable) &nbs=; Expected Size: =75mm (3mm $25 par Depositary =hares) &nb=p; =nbsp; &n=sp; Maturity: =nbsp; =erpetual Price =uidance: = 5.25% Area =fixed-for-life) Offer Price: $25.00 &nb=p; Payment Dates: =nbsp; &n=sp; Quarterly, beginning June 30, =016 Optional Redemption: Callable at par anytime on or =fter May ( J, =021 &nbs=; &nb=p; Use of =roceeds: = To make investments in self-storage facilities and in entities =hat own self-storage facilities, for the development of self-storage =acilities, and for general corporate =urposes. &nb=p; DRD/QDI =ligible: =o &nb=p; Expected =isting: =NYSE Settlement: T+5 Andrew S. Atlas First Vice President Equity Sales/Middle Markets Group 2 EFTA_R1_02078998 EFTA02703228 Financial Advisor Morgan Stanley Wealth Management 1290 Avenue of the =mericas, 12th Floor I New York, =Y 10104 Tel Direct: NMLS ID # =326736 Important Notice to Recipients: Please do not use e-mail to request, authorize or effect the purchase or sale of any =ecurity or commodity. Unfortunately, we cannot execute such instructions provided =n e-mail. Thank you. The sender of this =-mail is an employee of Morgan Stanley Smith Barney LLC ("Morgan Stanley"). If you have =eceived this communication in error, please destroy all electronic and paper =opies and notify the sender immediately. Erroneous transmission is not intended to =aive confidentiality or privilege. Morgan Stanley reserves the right, =o the extent permitted under applicable law, to monitor electronic =ommunications. This message is subject to terms available at the following link: http://www.morganstanley.com/disclaimers/mssbemail.html.&nb=p; If you cannot access this link, please notify us by reply message and we will send the =contents to you. By messaging with Morgan Stanley you consent to =he foregoing. 3 EFTA_R1_02078999 EFTA02703229