Shurgard Self Storage S A : Major shareholding notifications - EN

Standard form for notification of major holdings

Form to be used for the purposes of notifying a change in major holdings pursuant to the amended law and Grand-ducal Regulation of 11 January 2008 on transparency requirements for issuers (referred to as "the Transparency Law" and "the Transparency Regulation") (HOS-1 form)

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the CSSF)i

Filing reference	1453
Submitted at (Luxembourg time)	2022-08-02 10:40

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:

Shurgard Self Storage S.A.

2. Reason for the notification:

An acquisition or disposal of voting rights

3. Details of person subject to the notification obligationiv:

Name: Public Storage

City and country of registered office (if applicable): Glendale, California, USA

4. Full name of shareholder(s)v:

PS TRS Holdings, Inc. , HABF 2017, Inc

5. Date on which the threshold was crossed or reachedvi:

2022-07-29

6. Total positions of person(s) subject to the notification obligation:

	% of voting rights	% of voting rights through	Total of	Total number of
	attached to shares	financial instruments (total	both in %	voting rights of
	(total of 7.A)	of 7.B.1 + 7.B.2)	(7.A + 7.B)	issuervii
Resulting situation on the	35.08	0.00	35.08	89,115,931
date on which threshold
was crossed or reached
Position of previous	35.16	0.00	35.16	-
notification (if applicable)

7. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii:

A: Voting rights attached to shares

Class/type of shares (ISIN

Number of voting

Number of voting

% of voting

% of voting rights

code if possible)

rights directix

rights indirectix

rights directix

indirectix

LU1883301340

150,000

31,118,459

0.16

34.91

SUBTOTAL A (Direct &

31,268,459

35.08

Indirect)

B.1: Financial Instruments according to Art. 12(1)(a) of the Transparency Law

Type of financial

Expiration

Exercise/

Number of voting rights that may be

% of voting

Conversion

acquired if the instrument is exercised/

instrument

datex

rights

Periodxi

converted

N/A

B.2: Financial Instruments with similar economic effect according to Art. 12(1)(b) of the Transparency Law

Type of financial

Expiration

Exercise/Conversion

Physical or cash

Number of

% of voting

instrument

datex

Periodxi

settlementxii

voting rights

rights

N/A

8. Information in relation to the person subject to the notification obligation:

Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv:

		% of voting rights held by	% of voting rights through financial		Directly
N		ultimate controlling person or	instruments held by ultimate	Total
Namexv	entity or held directly by any	controlling person or entity or held	controlled by
°	subsidiary if it equals or is	directly by any subsidiary if it equals	of both	(use number(s)
		higher than the notifiable	or is higher than the notifiable		from 1st column)
		threshold	threshold
1	Public	0.00	0.00	0.00
	Storage
2	PS TRS	0.00	0.00	0.00	1
Holdings,
	Inc
3	HABF	34.55	0.00	34.55	2
	2017, Inc.

9. In case of proxy voting:

N/A

10. Additional informationxvi:

On 29 July 2022, HABF 2017, Inc.("HABF") acquired from Shurgard European Holdings, LLC (the "LLC") 3,287,345 shares and voting rights in Shurgard Self Storage SA (the "Issuer"), representing 3.69% of the Issuer's total shares and voting rights in issue (the "Restructuring"). The shares subject to the Restructuring were part of a stake in the Issuer held by the LLC, the voting rights of which were already before the Restructuring exercisable by Public Storage (the "Attributed Shares") by way of the partnership agreement constituting the LLC. Prior to the Restructuring, HABF already held 27,502,379 (30.86%) shares and voting rights in the Issuer; Public Storage already held 150,000 (0.17%) shares and voting rights in the Issuer (which remain unchanged), as well as 3,616,080 (4.06%) Attributed Shares, now down to 328,735 (0.37%) Attributed Shares that remain exercisable by Public Storage after the Restructuring. HABF is a 100% subsidiary of PS TRS Holdings, Inc., who in turn is a 100% subsidiary of Public Storage. Public Storage is a founding member of the LLC and as such is also entitled to exercise the voting rights attached to the Attributed Shares, a fraction of the shares held by the LLC in the Issuer. By virtue of the Restructuring, HABF crossed the threshold of 33 1/3% of the shares and voting rights directly held in the Issuer; PS TRS Holdings, Inc. crossed the same threshold indirectly, by virtue of its control over HABF. The Restructuring does not have any impact on the total amount of shares and voting rights in the Issuer held directly and indirectly by Public Storage, the ultimate controlling entity of HABF and PS TRS Holdings, Inc.; however, Public Storage is making this present notification in accordance with Article 11(3) of the Transparency Law. The calculations in this part 10 are based on the total number of 89,115,931 shares and voting rights outstanding of the Issuer and the percentages are rounded.

Date: 2022-08-02 10:40

Notes

• Please note that national forms may vary due to specific national legislation (Article 3(1a) of Directive 2004/109/EC) as for instance the applicable thresholds or information regarding capital holdings.

1. Full name of the legal entity and further specification of the issuer or underlying issuer, provided it is reliable and accurate (e.g. address, LEI, domestic number identity).
2. Other reason for the notification could be voluntary notifications, changes of attribution of the nature of the holding (e.g. expiring of financial instruments) or acting in concert.
3. This should be the full name of (a) the shareholder; (b) the natural person or legal entity acquiring, disposing of or exercising voting rights in the cases provided for in Article 9 (b) to (h) of the Transparency Law; or (c) the holder of financial instruments referred to in Article 12(1) of the Transparency Law.

As the disclosure of cases of acting in concert may vary due to the specific circumstances (e.g. same or different total positions of the parties, entering or exiting of acting in concert by a single party) the standard form does not provide for a specific method how to notify cases of acting in concert.

In relation to the transactions referred to in points (b) to (h) of Article 9 of the Transparency Law, the following list is provided as indication of the persons who should be mentioned:

• in the circumstances foreseen in letter (b) of Article 9 of that Law, the natural person or legal entity that acquires the voting rights and is entitled to exercise them under the agreement and the natural person or legal entity who is transferring temporarily for consideration the voting rights;
• in the circumstances foreseen in letter (c) of Article 9 of that Law, the natural person or legal entity holding the collateral, provided the person or entity controls the voting rights and declares its intention of exercising them, and natural person or legal entity lodging the collateral under these conditions;
• in the circumstances foreseen in letter (d) of Article 9 of that Law, the natural person or legal entity who has a life interest in shares if that person or entity is entitled to exercise the voting rights attached to the shares and the natural person or legal entity who is disposing of the voting rights when the life interest is created;
• in the circumstances foreseen in letter (e) of Article 9 of that Law, the controlling natural person or legal entity and, provided it has a notification duty at an individual level under Article 8, under letters (a) to (d) of Article 9 of that Law or under a combination of any of those situations, the controlled undertaking;
• in the circumstances foreseen in letter (f) of Article 9 of that Law, the deposit taker of the shares, if he can exercise the voting rights attached to the shares deposited with him at his discretion, and the depositor of the shares allowing the deposit taker to exercise the voting rights at his discretion;
• in the circumstances foreseen in letter (g) of Article 9 of that Law, the natural person or legal entity that controls the voting rights;
• in the circumstances foreseen in letter (h) of Article 9 of that Law, the proxy holder, if he can exercise the voting rights at his discretion, and the shareholder who has given his proxy to the proxy holder allowing the latter to exercise the voting rights at his discretion (e.g. management companies).

v Applicable in the cases provided for in Article 9 (b) to (h) of the Transparency Law. This should be the full name of the shareholder who is the counterparty to the natural person or legal entity referred to in Article 9 of that Law unless the percentage of voting rights held by the shareholder is lower than the 5% threshold for the disclosure of voting rights holdings (e.g. identification of funds managed by management companies).

1. The date on which threshold is crossed or reached should be the date on which the acquisition or disposal took place or the other reason triggered the notification obligation. For passive crossings, the date when the corporate event took effect.
2. The total number of voting rights shall be composed of all the shares, including depository receipts representing shares, to which voting rights are attached even if the exercise thereof is suspended.
3. If the holding has fallen below the 5% threshold, please note that it is not necessary to disclose the extent of the holding, only that the new holding is below that threshold.
4. In case of combined holdings of shares with voting rights attached "direct holding" and voting rights "indirect holding", please split the voting rights number and percentage into the direct and indirect columns - if there is no combined holdings, please leave the relevant box blank.

• Date of maturity/expiration of the financial instrument i.e. the date when right to acquire shares ends.

1. If the financial instrument has such a period - please specify this period - for example once every 3 months starting from [date].
2. In case of cash settled instruments the number and percentages of voting rights is to be presented on a delta-adjusted basis (Article 12(2) of the Transparency Law).
3. If the person subject to the notification obligation is either controlled and/or does control another undertaking then the second option applies.
4. The full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity also has to be presented in the cases in which only on subsidiary level a threshold is crossed or reached and the subsidiary undertaking discloses the notification as only then the market always gets the full picture of the group holdings. In case of multiple chains through which the voting rights and/or financial instruments are effectively held the chains have to be presented chain by chain leaving a row free between different chains (e.g.: A, B, C, free row, A, B, D, free row, A, E, F etc.). Numbers shall be attributed to all persons or entities within the group in column 1 in order to allow a clear indication of the control structure in column 6. The names of all undertakings of the control chain shall be provided in column 2, even if the number of the directly held voting rights and/or financial instruments is not equal or higher than the notifiable threshold. Columns 3 & 4 shall indicate the holdings of those persons or entities directly holding the voting rights and/or financial instruments if the holding is equal or higher than the notifiable threshold.
5. The names of controlled undertakings through which the voting rights and/or financial instruments are effectively held have to be presented irrespectively whether the controlled undertakings cross or reach the lowest applicable threshold themselves.
6. Example: Correction of a previous notification.

Annex I	Annex II
Shurgard Self Storage SA Ownership Before Restructuring	Shurgard Self Storage SA Ownership After Restructuring

Public Storage

(MD REIT)

Public Storage

(MD REIT)

100%

PS TRS Holdings, Inc.

(DE Corporation)

100%

HABF 2017, Inc. (DE Corporation)

27,502,379

Shares 30.86%

3,616,080

Attributed Shares 4.06%

Shurgard

European

Holdings, LLC

(DE LLC)

150,000 Shares

0.17%

Shurgard Self Storage	36,160,802
	Shares
SA
40.58%
(Luxembourg SA)
89,115,931 Shares
outstanding

100%

PS TRS Holdings, Inc.

(DE Corporation)

100%

HABF 2017, Inc. (DE Corporation)

30,789,724

Shares 34.55%

328,735

Attributed Shares 0.37%

Shurgard

European

Holdings, LLC

(DE LLC)

150,000 Shares

0.17%

Shurgard Self Storage	32,873,457
	Shares
SA
36.89%
(Luxembourg SA)
89,115,931 Shares
outstanding