Public Storage Continues Pursuit of Shurgard

After being rejected in its initial, unsolicited proposal to buy out Shurgard Storage Centers Inc. for $2.5 billion, Public Storage Inc. has retained Goldman, Sachs & Co. as a financial advisor and continues to pursue the takeover. The company remains convinced a merger would be in the best interest of Shurgard shareholders. We are disappointed that Shurgards Board continues to refuse to sit down with us to explore the potential of a mutually beneficial transaction, despite the overwhelmingly positive response from shareholders and analysts to our proposal, said Ronald Havener Jr., chief executive officer. It remains our preference to work cooperatively with Shurgard to effectuate this transaction. Wachtell, Lipton, Rosen & Katz serves as Public Storages legal counsel in connection with the deal.