| Shurgard Shareholder FAQs |
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| When did the merger take place? |
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| The effective date of the merger was August 22, 2006.
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| What will Shurgard shareholders receive in the merger? |
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| In the merger, Shurgard shareholders will receive 0.82 shares of Public Storage common stock for each share of Shurgard common stock that they own. Shurgard shareholders will receive cash for any fractional shares of Public Storage common stock that they would otherwise be entitled to receive in the merger. The value of the shares of Public Storage common stock received by Shurgard shareholders was the closing price of Public Storage common stock on August 22, 2006, which was $85.50 per share. |
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| What happens to my common shares of Shurgard? |
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Shurgard common stock discontinued trading on the New York Stock Exchange following the effective date of the merger.
If you own Shurgard common shares in certificate name, you will receive an Exchange Form from our Exchange Agent, Computershare. This Form will include written instructions for sending in your stock certificates to receive your shares of Public Storage.
If you own your shares in a brokerage account, your shares will be exchanged by your broker. Please contact your broker for any information about your account. |
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| What are the material U.S. federal income tax consequences of the merger to Shurgard shareholders? |
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The receipt of the merger consideration by Shurgard common shareholders in exchange for their Shurgard common stock in the merger will be a taxable transaction for federal income tax purposes. Because the merger consideration consists solely of Public Storage common stock (other than cash received in the merger for fractional shares), holders of Shurgard common stock may need to sell shares of Public Storage common stock received in the merger, or raise cash from other sources, to pay any tax obligations resulting from the merger.
The tax consequences to you of the merger will depend on your own situation. You should consult your own tax advisor for a full understanding of the tax consequences to you of the merger. |
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| When does Public Storage pay their quarterly common stock distribution? |
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| On August 2, 2006, the Board of Directors declared a quarterly common distribution of $0.50 per share, payable on September 28, 2006, to shareholders of record as of September 15, 2006. |
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| Who can I contact should I have any questions? |
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| If you have any questions or need assistance completing the Exchange Form, please contact the Exchange Agent, Computershare, at (877) 498-8913. If you have any questions regarding Public Storage or the merger, you can call Public Storage Investor Relations at 818-244-8080. |
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