Previously, Mr. Nia was Chief Executive Officer and President of NorthStar Realty Europe Corp. ("NRE") (formerlyNYSE: NRE), a publicly traded European focused commercial REIT, from June 2015 to September 2019 when it was sold to AXA Investment Managers – Real Assets, and Managing Director and member of the European Steering Committee at Colony Capital, Inc. (NYSE: CLNY, formerly Colony NorthStar, Inc.), a global REIT, from January 2017 to September 2019. We are not prescribing or demanding specific changes – as long as the review process is independent and robust, we are confident the committee will arrive at the best answers, whether or not they align with our own findings. We are asking for the Company to restore its relationship with Shareholders, starting with an Investor Day in the first half of 2021. We have worked with many companies in the past to help them establish these kinds of committees to evaluate, design and implement value-creative changes. In order to take market share the way they did, Public Storage's peers raised and deployed significant amounts of capital while PSA held back, with low leverage yielding lower equity returns. Elliott is not under any obligation to provide any updated or additional information or to correct any inaccuracies in the Materials. As investors, we have worked with companies on similar plans with successful results, and we believe we are uniquely positioned to work with PSA to regain credibility with investors and create substantial shareholder value. Previously, Mr. Metz served as Managing Director and Head of International Real Estate at The Carlyle Group Inc. (NASDAQ: CG), a private equity, alternative asset management and financial services company, from September 2013 to April 2018. Selected examples of our substantial diligence efforts on PSA include: This work has informed our views on multiple areas PSA can improve, and we believe that the current management team — along with a refreshed, independent Board of Trustees — can form a plan to address PSA's underperformance. Our own hands-on diligence, including renting storage units at both Public Storage and its peer companies in leading markets. from Harvard Law School. The stock was up 7.8% to $59.37 at 9:43 a.m. in New York, giving the company a market value of about $16.2 billion. From 1987 to 1993, Mr. Metz served as Vice President at JMB Realty Corp., a real estate investment company. Previously, Mr. Metz served on the boards of directors of Forest City Realty Trust, Inc. (formerlyNYSE: FCE.A), a real estate company, from April 2018 to January 2019, Parkway Properties Inc. (formerlyNYSE: PKY), a real estate investment firm, from June 2012 to November 2016, General Growth Properties, from 2005 to 2010, Howard Hughes Corporation (NYSE: HHC), a real estate development and management company, during 2010 following its spin off from General Growth Properties, AMLI Residential Properties Trust (formerlyNYSE: AML), a trust specializing in management, acquisition, development, and co-investment of multifamily apartment communities, from 2003 to 2004, Aliansce Sonae Shopping Centers SA (BVMF: ALSO3), a Brazilian shopping mall company, Bally Total Fitness Holding Corporation (formerlyNYSE: BLLY), a fitness club chain, from 2005 to 2006, and Chiasso Acquisition LLC, a home furnishing retailer from 2006 to 2008. Tyler Jett covers jobs and the economy for the Des Moines Register. For several decades following its inception, Public Storage did invest heavily in expanding its store base, such that by 2010, it owned more than five times as many self-storage facilities in the United States as its largest competitor. Between 2011 and Q3 2020, for example, Extra Space increased its net debt by more than 300% and its share count by almost 40%, while Public Storage increased net debt by 73% and its share count by only 2%. NEW YORK, Dec. 14, 2020 /PRNewswire/ -- Elliott Associates, L.P. and Elliott International, L.P. (together, "Elliott"), which together have made a substantial investment in the common stock and economic equivalents of Public Storage (the "Company" or "PSA"), today announced in a letter that it privately nominated six trustee candidates to the PSA Board last week. We therefore thought it best to share some of our research, our perspectives and our proposals regarding PSA and begin a broader conversation about the best path forward for the Company. Mr. Duster holds a Juris Doctorate from Harvard Law School, Masters of Business Administration from Harvard Business School, and Bachelor of Arts in Economics from Yale University. Otherwise, even steps in the right direction will look like entrenchment and reinforce the perception that the Board is resistant to self-evaluation and course correction. EIM GP, as the sole general partner of EIM, may be deemed the beneficial owner of the 2,178,334 Common Shares beneficially owned in the aggregate by Elliott Associates (itself and through Manchester) and Elliott International. We believe that only by undergoing a full, honest and comprehensive review of the Company's strategy and then by taking decisive action to jump-start performance can Public Storage reclaim its rightful place as the leader of the self-storage industry. The direct financial impact of third-party managed stores is lower than that of owned stores, but the minimal upfront capital and incremental "effective scale" through regional market share made third-party management an attractive endeavor for PSA's peers in 2010. Our research, surveys and personal experience have shown that the customer experience at any given Public Storage location significantly lags peers. Letters, diaries, scrapbooks, and notebooks belonging to various members of the Elliott family, dating from 1830-1951. The purpose of this letter is to share our perspectives as a large shareholder and provide our specific thoughts on how eBay can become a better and more valuable company. As of the date hereof, Mr. Metz beneficially owns 875 Common Shares. Elliott Management Corporation is one of the oldest fund managers of its kind under continuous management. Previously, Mr. Macnab served as Chief Executive Officer of National Retail Properties, Inc. (NYSE: NNN) ("National Retail Properties"), a real estate investment trust that acquires, owns, invests in and develops properties that are leased primarily to retail tenants, from February 2004 until his retirement in April 2017. We do not believe that the current Board of Trustees can lead Public Storage toward long-term success, even with the changes announced yesterday. Through our time- and resource-intensive diligence process, we have concluded that Public Storage's underperformance derives from two main issues: (i) a failure to invest more aggressively in its strong asset base and (ii) lagging sales growth. As of the date hereof, Elliott Associates beneficially owns 653,500 common shares, par value $0.10 per share (the "Common Shares"), of the Company (itself and through Manchester), including 651,450 Common Shares underlying certain Derivative Agreements (as defined below). Elliott Advisors (HK) Limited, which advises various Elliott-affiliated funds (together Elliott), today publicly issued a letter to all shareholders of Hyundai Mobis Co., Ltd. (Mobis or the Company 012330:KS). See "Public Storage Relative Market Share Over Time.". When typing in this field, a list of search results will appear and be automatically updated as you type. The national debt is the accumulation of annual deficits (and the occasional budget surplus) over time. Yet, despite that critical advantage, its total shareholder return has dramatically underperformed its peers over the last decade. See "Mature Same-Store Growth (2010-2019).". We believe this is a direct result of its conservative approach to costs, including under-incentivizing retail workers and skimping on store experience. So far investors are cheering an activist investor’s interest in AT&T stock. From 2007 to 2009, Mr. Nia was Senior Executive Director in the Real Estate Banking Group at Goldman Sachs (NYSE: GS), a multinational investment bank and financial services company. As of the date hereof, Manchester, a wholly owned subsidiary of Elliott Associates, beneficially owns 1,000 Common Shares. Given the quality of PSA's assets — and of our nominees — we trust that a robust and well-designed process will yield a successful outcome. Fenwick Elliott Annual Review 2020/2021 As always, our Review contains a round-up of some of the most important developments from our clients’ point of view over the past 12 months including, from pages 56, our customary summaries of some of the key legal cases and issues, taken from both our monthly newsletter Dispatch as well as the Construction Industry Law Letter.