From: Richard Kahn

From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Fwd: Preferred Opening up ® 10 AM Date: Wed, 13 Jul 2016 13:56:54 +0000 Attachments: red_PSA25 Jul2016.pdf please advise thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York. NY 10022 Begin forwarded message: From: "Pollard, James S" Subject: Preferred Opening up @ 10 AM Date: July 13, 2016 at 9:51:22 AM EDT To: "Richard Kahn Rich, Details below Issuer: PRICE TALK: Expected Ratings: Maturity: Optional Redemption: Distributions: Expected Taxation: Listing: Size of Offering: Public Storage (PSA) Cumulative Preferred Shares Series D • 4.95% - 5.00% AREA • Expect pricing at the lower end of the range. • Price talk subject to change, dependent on demand. Deal could potentially price below the initial price talk. Any changes in price talk should be communicated to clients A3 (stable outlook Perpetual Callable on or after 07hcc/21 @ $25, or earlier in order to maintain its qualification as a REIT. (SEE THE PROSPECTUS FOR ADDITIONAL DETAILS) / BBB+ (stable outlook • Cumulative • Quarterly pay (March, June, September, and December) • First coupon 09/30/2016 (short first coupon) Fully taxable as ordinary Income I Not ODI or DRD eligible NYSE Expected to list within 30 days after offering Expected symbol: PSA PrD • Announced Size: 4mm shares • Final Size: xxmm shares Expected Settlement Date: TBD (Expected settle: T+5) EFTA00823930 Par Amount: $25 par Order Entry: Production Credit: Account/Client Eligibility : Preliminary Prospectus Delivery / Disclosure of Material Terms: • Go to Merrill Lynch Markets - "Preferred Stock New Issues" screen • Order entry guide here. • SYMBOL: PSA25 • MintMult/Max: Min 100 shares I Multiple 25 shares I Max 10,000 shares • For orders in excess of 10,000 shares, an order should first be entered for 10,000 shares prior to calling the desk to ticket any shares in excess of 10,000. Orders in excess of 10,000 shares are subject to availability. • Order in shares, NOT DOLLARS $0.50 per share - July Production • NRC: Not eligible • Employee orders: NOT currently available at this time, but shares will be made available if shares remain tomorrow. No exceptions. • DVP orders: NOT currently available at this time, but shares will be made available if shares remain tomorrow. No exceptions • MLPA Retirement Accounts and PIAAccounts are not permitted. Preliminary Prospectus You should deliver the preliminary prospectus to clients and disclose all material terms to your clients (including interest rates, maturity, call risk and credit risk) prior to order entry. You should convey the final pricing terms (including final deal size), which we will e-mail to you when available. You may use the e-mail template if the client is not set up for centralized e•delivery. The only material that may be given to clients in connection with any offering is the relevant prospectus. The preliminary prospectus PDF file can be accessed here. NOTE: CENTRALIZED E•DELIVERY IS REQUIRED FOR MLPA NON-RETIREMENT ACCOUNTS James S. Pollard Registered Analyst Team Darrah I Merrill Lynch Wealth Management The Park Avenue Office 200 Park Avenue 134th Floor I New York I New York 10166 Team Darrah Website The information set forth herein was from sources, which we believe reliable but we do not guarantee its accuracy neither the information nor an opinion expressed constitutes a solicitation by us of the purchase or sale of any securities or commodities. The market information contained herein, including, but not limited to, prices, quotes, and statistics, has been obtained from sources that we believe to be reliable, but we do not offer any guarantees as to its accuracy or completeness. Past performance is no guarantee of future results. All Information is subject to change without notice. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security or other instrument. Merrill Lynch considers your trade confirmations and monthly statements to be the official documentation of all transactions. Bank of America Corporation (Bank of America) is a financial holding company that, through its subsidiaries and affiliate companies, provides banking and nonbanking financial services. Merrill Lynch, Pierce, Fenner & Smith Incorporated is a registered broker-dealer, member of SIPC, and wholly owned subsidiary of Bank of America Corporation. Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value ©2009 Merrill Lynch, Pierce, Fenner & Smith Incorporated. All rights reserved. Member Securities Investor Protection Corporation (SIPC). EFTA00823931 This message, and any attachments, is for the intended recipient(s) only, may contain information that is privileged, confidential and/or proprietary and subject to important terms and conditions available at http://www.bankofamerica.corn/emaildisclaimer. If you are not the intended recipient, please delete this message. EFTA00823932