Notice of 2026 Annual Meeting of Shareholders and Proxy Statement

Public

PROXY

STATEMENT

281 Inte et Boul v d Fris Tex 75034

Ma 27, 2026

De Fe low Sh eholder

This rk my f nal ette Pr ident d Chief Ex utiv Off of Public St age. I pl ed to port another ye of st ng perfo e, and I proud of h v ent v th ast v

ye .

In 2025, Company ntinued to bu d it st ng foundatio . Despit chal enging

ic vir ent w h ved rd v of $4.8 b lio and rd net oper t ng in of $3 5 b lion, ntinu ng tr k rd of industry- ead ng ead ng t . We agai

h ved th h ghest d ct operating rgin and v per va abl sq foot ong public f st age al tate inv st nt tr ts At 78.2% d ct operating rgin has gr w 140 bas points s 2019.

We al ntinued to ke progr gani and te al gr wth st tegi In 2025, w added

8.2 m lio sq feet to portfo io th ugh quis t development and development (at st of $1 4 b lion) S 2019, w hav panded portfo io by 67 m lio sq feet (742 propert

at st of v $13 b lion) 31%

Ou st perie d operating platfo ntin to ead th industry. We in th only public f to ge REIT to offe d gita property at 100% of o t In 2025, 75% of

w st ntal w mp eted d gitally mp ed to 30% v age fo public f st age peers, fl t ng th st ngt of technology inv st nt and st -f ed

in vatio We pr d to hav agai been gni d th U.S. f to ge eader th GRESB benchm k and to hav been ed Gr t Pl to Work®.

In sh t, Company is positioned w l to ntin and pand it eadership of th U.S. f to ge industry. As yo w e, w bark ng upon PS4 0- eadership infl t point-wit

ongtim Cha Ronald L. Hav poi d to pas th bat to Shank S. M tr and To Boyl poi d to th positio of Chief Ex utiv Off effectiv Apr 1, 2026, ong other eadership tr s t I c ted fo Company s t chapt of gr wth

Aga t this backd p, w pl ed to inv te yo to attend 2026 Annual Meeting of Sh eholder (the Annual Meeting) Wednesday May 6, 2026, in Da las, Tex . We hope that yo will attend th

eting in per . We age yo to designat th pr ie ed th pr y rd to v te yo

We fu is pr y ter al to sh eholder prim ily v th Inte et We believ this pr pedite hareholders ipt of th ter als, ow th st of th Annual Meeting, and

nat al . Th Not of Meeting, Pr y Stat ent and Annual Report Fo 10

K va abl fr of ch ge at http //mat ia s p xyvote /default.aspx?t cke 74460D

Thank yo fo yo ntinued inte st in Public St age. S ely,

Joseph D Ru ell, Jr

Pr ident and Chief Ex utiv Off

Ma 27, 2026

NOTICE OF 2026 ANNUAL MEETING OF SHAREHOLDERS

Date Wednesday May 6, 2026

T

8 00 . .

Cent T

Pl

Th Cr nt Club

200 Cr nt Co t Da las, Tex 7520

Re rd Date

Ma 2, 2026

Clo of Bus

Pr y Mater al

http //mat ia s p xyvote /default. px?ticke 74460D

Not of Meeting, Pr y Stat ent and Annual Report Fo 10-K va abl fr of ch ge

Yo te s y mportant We

age yo to v te pr ptly whether t yo pl to attend th Annual

Meeting.

Ou Sh eholde

On behalf of th Bo d of Tr te I inv te yo to attend th 2026 Annual Meeting of Sh eholder (the An Meeting) of Public St age fo th fo lowing purpos

1. To el t twelv Tr te to Bo d of Tr te

   To v te advis y ut to appr v th

2. mp atio of ed utiv off (Say- -Pay)

   To t fy th appoint nt of Er t & Young LLP

3. independent gist ed public unting f fo th ye end ng De mb 31, 2026.

   To tr t ch other busin y prop ly

4. bef th Annual Meeting and any postp ent adj ent th eof

Only sh eholder of rd at th cl of busin

Ma 2, 2026 entit ed to notic of and to v te at th Annual Meeting.

Nath e A Vita

Chief Legal Off and Corp at Se et y

Important Noti Regard ng Avai abi ity of Pr y Material fo th Sh eholde Meet ng to be He d May 6, 2026 Th s Pr y Stat t d u 2025 An u Report For 10-K

1. lab e at th Invest Re ati sect o of u w bs te publ cst ag

   PROXY STATEMENT SUMMARY

   Page

   Ta Deduct b ity of Ex ut ve C pe atio -Sectio

   Page

   2025 Bus	Highlights	2
   2025 Comp	atio Highlights	3

   PUBLIC STORAGE HIGHLIGHTS 2

   Corp at Resp ibility and Susta nab ity 4

   PS4 0TMand Leadership Tr ition 0

   PROPOSAL 1 ELECTION OF TRUSTEES 12

   Ex uti Su ry 13

   Bo d Evaluatio and Nom natio 13

   Bo d Qualificatio 14

   Bo d Refr hment and Su ss St tegy 15

   Bo d Div s ty 16

   Nom Qualificatio 17

   Tr te Nom Skills and Backg und Su ry 18

   Tr te Nom B ographi 19

   Vote Requi d d Re ndati 25

   CORPORATE GOVERNANCE 26

   Bo d Engagement and Ov s ght 26

   Gov St ct e 26

   Bo d Leadership St ct e 26

   Bo d Comm tte 27

   Pr y Ac 30

   Bo d s Rol in Risk Ov s ght 3

   Cyber r ty 32

   Art f c al Inte l ge e 33

   CEO and Sen Management Su s Plann ng 33

   Po itical and Ch itabl Contr butio 33

   Bo d Ac to Employ 33

   Bo d Orientatio and Ed ation 34

   Tr te Independen 34

   Co n t w th th Bo d 34

   Tr te Attendance 35

   Changes In Tr te Resp ibilitie and

   Comm tments 35

   Tr te and Ex utiv Off Se r ty Ow ship

   Guidelin 35

   Comp atio of Tr te 37

   2025 Tr te Comp ation 39

   PROPOSAL 2 ADVISORY VOTE TO APPROVE

   EXECUTIVE COMPENSATION 4

   Ex uti Su ry 42

   Vote Requi d d Re ndati 42

   Ou Na d Ex uti Offi s 43

   Comp sat o Di uss d Analysi (CD&A) 44

   Ov v w of Comp atio Philo phy and Pr t 44

   Ou 2025 NEO Comp atio Progr 5

   At-Risk Equ ty Comp	ation		57
   2025 Ea ed In ntiv	Comp	ation	59

   Cash Comp ation 53

   St k Opt Grant Po c 63

   2026 Comp atio Outlook and Enhanc ents 64

   162(m) 66

   Comp sat o d Hu Capita Committe Report 67

   Ex uti Comp sat o Tabl 68

   Potent a Paym ts Up Termi ti Ch ge n

   Cont 72

   Pay Rati Discl e 76

   Pay Ve Perf Tabl 77

   SHARE OWNERSHIP OF TRUSTEES AND MANAGEMENT 8

   ADDITIONAL INFORMATION ABOUT TRUSTEES,

   EXECUTIVE OFFICERS AND MANAGEMENT 83

   PROPOSAL 3 RATIFICATION OF INDEPENDENT

   REGISTERED PUBLIC ACCOUNTING FIRM 86

   Ex uti Su ary 87

   Fe Bi led to th Comp y by EY fo 2025 d 2024 87

   Audit Committe Report 88

   Vote Requ red d Re ndat on 89

   GENERAL INFORMATION ABOUT THE MEETING 90

   Purp of Pr y So icitation 90

   Important Not Regard ng Deliv y of Se r ty Ho d

   Do nts 90

   Ava ab ity of Pr y Stat ent and Annual Report 90

   Date T d Pl of th Annual Meeting 90

   Wh Ca Vote 90

   Qu fo th Annual Meeting 9

   How Vote Counted 9

   Tr te Nom Wh Do Not Re iv Major ty of

   th Vote Cast 9

   How Pr ie W l Be Voted 9

   How to Cast Vote 92

   How to Vote Participant in the C pany s 401(k)

   Pl 92

   Changing Yo Vote 92

   Cost of this Pr y So icitation 93

   Cont t ng Ou Tr fe Agent 93

   Co id atio of Cand dat fo Tr tee 93

   Deadlin fo Re ipt of Sh eholde Proposals 94

   Ho eho ding 94

   Yo Vote is Important 95

   PROXY STATEMENT SUMMARY

   This ry h ghlight info t yo will f nd in this pr y stat ent and does not nta al th info t that yo should id Yo should ad th entir pr y stat ent fu ly bef v t ng.

   2026 ANNUAL MEETING INFORMATION
   
   

   Date and Time Wednesday, May 6, 2026 at

   8:00 a.m. Central Time

   Location

   The Crescent Club 200 Crescent Court

   Dallas, Texas 75201

   Record Date

   March 2, 2026

   Proxy Mail Date On or about March 27, 2026

   Public St age sh eholde of th rd dat entit ed to v te th tte pr ented t th eting. Each sh e, par v u $0.10 per sh (c sh e) of th Company is entit ed to v te fo tr te in and v te of th other tte pr ented.

   AGENDA AND VOTING RECOMMENDATIONS

   Proposal It

   Bo d

   Re ndati

   Vote Requi d

   Page Refe

   Elect o of Tr st

   FOR

   Each Nom

   Major ty of

   v te

   st

   12

   1

Advi ry Vote to Appr v Comp sat o of Na

d Ex

uti

FOR

(NEOs)

No -b nd ng v te

4

Offi

Ratify Appoint nt f Er t & Young LLP (EY) u Independ t

Regist ed Publ c Ac

fo th Ye 2026

Ending De

unt ng Fi

be 31,

FOR

Major ty of

v te

st

86

PUBLIC STORAGE HIGHLIGHTS 2025 BUSINESS HIGHLIGHTS

Under th eadership of Pr ident and Chief Ex utiv Off (CEO) Jo ph D. Ru ll, Jr and th n nagement te w uted rp at st tegi th ugh chal enging ic vir ent and agai h ved rd perfo in 2025. We ntinued to

ev ge propr et y dat and analytic pabi itie to further optimiz v

nagement t nagement and f eld operatio We al uted th initia phas of rp at tr fo t initiat v enhancing th st ngt and eff c y of rp at

operatio and position ng th Company fo o t of rp at headquarte to Fris Tex in 2026. We ev ged gr wth- r ted bal sheet to gr w portfo io th ugh

quis t development development and third-party nagement As t w ntin to outperfo public f to ge peer and deliv perio v u to sh eholders, d w

1. l positioned to pt w opportun t fo gr wth and v u eatio in 2026 and bey d

   Re rd Fi a Re u ts Mu tiy Gr th d Superi Op at ng Perf

   31%

   In sq n portfo io footag si 2019

   8.2 m lio sq feet dded in 2025 th ugh quis t development and

   development (at st of $1.4 b lion)

   Digital Customer Rentals

   Compared to 30% on average for self-storage REIT peers

75%

$16.97

78.2%

$20.74

$3.5b lio

$4.8b lio

(1)

2025 COMPENSATION HIGHLIGHTS

Th Bo d and th Comp atio and Hu Capita (CHC) Comm tte ek to alig utiv pay wit perfo and ong-te v u eatio . Fo 2025, th CHC Comm tte agai ed

mp atio progr fo NEOs designed to attr t and tain st ng eadership te in mpetitiv abor rket while driving Company perfo e, gr wth and in ed sh eholder

1. ue, wit fo at-r sk mp atio

Based AO LTIP Un t

-

2023 Mu t -Ye Perf

wit

ned w ds v st upon rtificatio of perfo ining v sting tably v th fo lowing 2 ye

60% of

th

(we ghted 30%) and th S&P 500 REITs, clud ng off d ls (we ghted 70%) v th perfo period

f to ge REIT mpetit

mp ed to bot

the C pany s at v Tota Sh eholder Retu (TSR)

period

2025 - M ch 2028) perfo

ye (Ma

Th

Ba d perfo

Fo equity w ds th CHC Comm tte granted

of

NEOs th optio to be w ded st k

optio appr iat -only (AO) un ts of profit inte st (LTIP Units) in the C pany s operating partn ship Public St age OP L.P. (the Op ating Part ship) and str cted sh un ts (RSUs)

LTIP Unit . Each of NEOs el ted to be granted AO LTIP Unit and LTIP Unit .

Up perfo

th

us of applicabl perfo

periods th CHC Comm tte

rtified th fo lowing

-based w ds

ned by

NEOs fo the 2025

mp

atio

2025 Perf

Ba d th

it ia:(i) Co FFO gr wth (60% w ighting)

(ii) net t v u (NAV) gr wth (10% w ighting)

and (iii) ind v dual nagement goal fo

ed utiv off (30% w ighting) based the C pany s

st tegi obj t v

Fixed Component

2025 NEO Comp sat o Progr

ti

Cash Comp

2023 Mu t -Ye Perf

-

Based LTIP Un t

M

Ou NEO mp atio progr and th fo going w ds d d in deta in th Comp atio Dis ss and Analysi (CD&A) ction, beginn ng page 44 of this pr y stat ent

CORPORATE RESPONSIBILITY AND SUSTAINABILITY Ov v d Alig t with Comp y St tegy

We gni th importa of operating in sp s bl and sta nabl that alig w th the C pany s ong-te st tegy and pr ot th best inte st of Company and it stakeholder . Fo v 50 ye s, the C pany s rp at st tegy has nt ed

phi o phy generat gr wth and eat v u by operating propert and th Company fo th ong te .

Th ugh this st tegy w hav h ved h gh-integrity mpany t e;

th st gni d brand in th f to ge industry; gr wth- nabling bal sheet;

eff c ent and s ient operating platfo that produc st ng fr sh fl w;

geographi lly d v ified property portfo io wit light vir ental footprint; d v e, incl ive, and engaged ploy bas wit st ng t wit

n t ;

mp hensiv and fo d r sk nagement progr ; and

s gnif nt gr wth and sta nabl v u eatio fo stakeholder .

We keep ong-te sta nabl gr wth and v u eatio fo stakeholder at th fo front of

st tegy and operatio and w gul ly n te ongoing effort to m t gat th r sks w fa includ ng vir ental c al ic political dat r ty and priv y, putational and other r sks. In add t to addr s ng th r sks, w ek out and pita iz ging

sta nab ity- ated opportun t

Fo deta ed info t gard ng sta nab ity efforts, st tegi mm tments, and pr g ss, includ ng wit sp t to vir ental c al and gov is pl fe to 2025

Ou St tegi Foc Sustai bl Long-Te Gr th d Va u Creat o

We ope te busin wit ong-te fo s, and st tegy prior t the C pany s s ie and perfo in th decades to

Th fo lowing fr w k underpi sta nabl ong-te st tegy

Low vir ental impact at property and rp at o t

Initiat v wit nge of sta nab ity and ic

benefits, ch a , LED lighting, ow w te

ands ping, d eff c ent climat nt s

Low property ob e and h gh s ie

Fo stakeholders, includ ng ploy

st s, n t and inv st

Company t bu t integrity, d v ity and incl ion, untab ity,

ent pr ship and

ploy engagement and development

Cu t al alig ent wit rp at st tegy

Comp hensiv Enterpr Risk Management (ERM) fr w k

Robust r sk nagement

pr t s, includ ng v s ght ss plann ng, and

mp ia

Pay-for-p fo phi o phy

CAPITAL ALLOCATION

Low pita penditu ded to intain propert

Eff c ent- yst initiat v to duc gy d w te e,

rb iss d w ste, unde wr tte and impl ented wh they ke busin

Redevelopment d adaptiv of older e - fficient

propert

Co n ty a progr

helps pr vid cl gy to n t w v

Portfo io gr wth st tegy fo d pport ng

wit ic and populatio gr wth

Se v ntia -busin s, includ ng health prof s onals,

itical infr tr tu ct s, and tradespeopl

Risk duct v t of r sk nagement

untab ity, portfo io geographi d v ity, cloud-based operating syst s, cyb r ty and dat

priv y initiat v

Re al o t tow rd sta nab ity st tegy and

n t effort

BALANCE SHEET

Low ev ge, h gh per t pita bal sheet pports adaptatio to volv ng r sk vir ents, pr vid stab ity, d bl utio of Public St age's long-te rp at st tegy

Engage nt of Comp y Lead ship

Ou n nagement te t v ly nages r sks and opportun t Th Company ha ded ted Susta nab ity St ing Comm tte (S tainab ity Comm ttee) mpr s ng CEO d other n utiv fu t includ ng utiv nagement ent pris r sk

nagement inte al aud t, al tate operatio hum s, f e, egal tr t on, design, and inv st at Th Susta nab ity Comm tte s st utiv nagement in ident fying th r sks and opportun t w fa includ ng wit sp t to climat change and hum

pita nagement; tt ng general sta nab ity st tegy; impl enting initiat v and policie based that st tegy; v e ng n t w th stakeholders; and ss ng development at ng to and impr ving the C pany s understand ng of sta nab ity tte .

Th Susta nab ity Comm tte ports to and iv guidanc fr Bo d, includ ng th ugh fo port ng to th Nom nating, Gov e, and Susta nab ity (NGS) Comm ttee, Aud t Comm ttee, and CHC Comm ttee, in add t to gul port ng to th st of th Bo d. Fo

d ss of how Bo d and it mm tte v sta nab ity progr th

Corp at Gov ctio under th head ng "B d C m tte ," beginn ng page 27 of this pr y stat ent

Ou Envi ta Pract c

Public St age is itted to ntinu ng to enhanc th vir ental sta nab ity of Company We id potentia vir ental impacts-both p itiv and negativ -in decisio - k ng. Ou effort to be sp ib e st w d of th vir ent pported by th st ct al advantages of busin del includ ng propert designed to hav ow

obsol and h gh st ct al s ie e, taining fu t onal and phys eful v ny decades We al str v to do part in m t gat ng th impact of climat change. Ov th past

v ye s, w hav take pr t v to impr v understand ng and nagement of r sks and opportun t ated to climat change and nagement

We pl ed to pr ent th fo lowing h ghlight fo 2025

ag

Top 9% of

uni

Impr ved ring 34% si

2019

2025 2024, d 2023

rket ect ead

Am c

king

istently st ng sta nab ity t ngs ead ng benchm ks, including

We h v

Be hm

Rooftop Solar on 1,060 Properties

Scope 1 and Scope 2 Greenhouse Gas Reduction Target of 45%

Ou Social Commitm ts to Ou Stakeholde

Ou mm tment to stakeholders- ud ng ploy st s, n t inv st s, and pplie - nderpi ong-te . We t v ly engage wit stakeholder and

in rp at the v w into decisio - k ng. In w rld that is in ingly inte ted wit fast info atio d m nation, pid in vation, quicke decisio and r s ng r sk, stakeho d

fo is itical st tegy el ent fo Public St age.

Incl v Cu t Training d Developm t

Ou peopl pow th Public St age® brand. We equip th wit th sk ls tools, and kn w edge to help th gr w ind v dual and prof s onally in the . We str v to t v y

ploy to Public St age' iss on, v u obj t v s, and st tegy and to peopl feel engaged, pported, and inspired by the w rk and mpany t We inv st in tra n ng and development al ev s of th Company th ugh tip e e n ng platfo and channel to

ploy gr w "beh nd th Orange Do ." W al hav st ized eadership progr and eadership e to progr intended to enhanc th sk ls of futu eader .

help th h v the goal and pport th in t of need. We pr vid mp hensiv health pl benefit to ploy and the dependents, includ ng tool and designed to

pow ploy to h v healthy and bal ed lif tyle

We believ that It's Great To Be Or ge Employ engagement and belonging is fundamental to de tand ng of th effectiv of hum pita nagement st tegi We nduct

Ou ploy engagement effort hav al ed to gnit outs de of Public St age. We

proud to be ed Great Pl to Work®, ted by ploy fo th fo th ye in w. We hav al been gni d by Comp ably, n . a "Cho Employ " wit "A Cu t

Sc based ploy sp 18 t trics, ong other gnit

Resp b e Go Pract c

Public St age' m tment to th h ghest eth standards is th foundatio of effectiv

gov st ct that pr vid v s ght and untab ity, pr ot fair and mp ia e, and pr t v ly nages r sk. Good gov is itical to operational f ial, and

putational s ie .

Key pects of gov include

St ng untab ity and v s ght

Pay-for-p fo mp atio phi o phy Fo egal d gulat y mp ia

ERM progr

Decl s f ed (annually el ted) Bo d 83% of tr te in independent Lead independent tr te

Independent Cha (effectiv Apr 1, 2026)

Act v Bo d fr hment (six tr te in hav joined th Bo d s 2020)

Al Aud t Comm tte mb f ia perts

Tr te y not v th th public mpany boards (i ud ng th Bo d) without

NGS Comm tte appr val

Major ty sh eholder v te to d ch te and by aw and to app v M&A tr t

Major ty v te qui nt fo tr te el t

No ploy nt v agr ent

Doubl -trigger equity v sting upon change of nt

Po itical and ch itabl ntr butio policy

Code of Conduct

Employ utiv nagement and tr te st adher and annually attest to Code of Conduct, whic includes policie and standards ound per nal prof s onal and rketpl

Ongoing Bo d Refresh nt

Ou Bo d has dem trated mm tment to board fr hment Ov forty-f v per nt of

tr te al independent hav ved fo f v ye e . In 2025, w ntinued fr hm t efforts, add ng Luk Peth bridge, Chief Ex utiv Off of L nk Logistics, wit st ng

backg und rp at f e, al tate nagement and ent pris tr fo t on, tr te . And, w d in deta bel w this ye will rk other s gnif nt changes to Bo d, includ ng th appoint nt of Shank S. M tra, independent tr tee, t Bo d Cha n, effectiv Apr 1, 2026.

ntinually st ngthen iq mpetitiv advantages in der to nage r sk, eat and ct upon opportun ty and generat sta ned ong-te v u fo stakeholder . Pl fe to Susta nab ity Report va abl w bsit at publicst age. fo add t onal info t

gard ng sta nab ity progr efforts, and it nt to stakeholder .

PS4.0TMAND LEADERSHIP TRANSITION PS4.0TMThe Next Er of Lead ship d Gr th

On Febr y 12, 2026, w ed PS4 0 Company s t of eadership and gr wth PS4 0 is generational eadership tr itio and st tegi v s designed to driv e ted ong-te at v tota sh eholder tu th ugh el vating th st and ploy

perie e, panding rgin and perfo of industry- ead ng operating platfo m, d pt ing th portfo io gr wth opportun ty th h ghly fragmented f to ge ct

PS4 0 mpr th pi la

PS4.0TM

PS NextTM

W th Cust and Driv Organi Gr wth

Va u Creat o Engi

Capt th Exte al Gr wth Opportun ty

Bo d d Ex uti Lead ship Tr siti

Effectiv Apr 1, 2026, H. Th Boyle, nt Chief Inv st nt Off and, prio to Febr y 16, 2026, Chief F ia Off , w l bec Chief Ex utiv Off

d tr te .

Effectiv Febr y 16, 2026, Jo ph D. F sh joined th Company Pr ident Chief F ia Off . Th Bo d al el vated Nata ia N. Johns to Pr ident Chief D gita & Tr fo t Off and Chr C. Samb to Pr ident Chief Op ating

Off .

Al effectiv Ma 31, 2026, Ronald L. Hav Jr will tr itio fr th positio of Cha of th Bo d and, effectiv Apr 1, 2026, Shank S. M tra, independent tr tee, will th pos t of Bo d Cha . Mr. Hav will ntin to v

tr te .

Effectiv at th Annual Meeting, John Reye will t fr th Bo d, at whic t th Bo d will be duced in s fr thirte (13) to twelv (12) tr te

Th Bo d al tablished Inv st nt Comm tte of th Bo d, cha d by Ronald P. Spogli.

Th Inv st nt Co itte is intended to pr vid pedit fo th ugh whic to id

and appr v potentia quis t developments, and development to al o fo n ed agility th Company ut PS4 0 d it gr wth st tegy

Th CHC Comm tte de rta mp atio decisio ated to Mr. Boyle s p t and Mr. F sh s appoint nt Th decisio d d in th CD&A ctio under th head ng "2026 Comp atio Outlook and Enhanc ents," beginn ng page 64 of this pr y stat ent

To sh w the belief in and mm tment to PS4 0 and th w nagement te s ong-te v u -eatio st tegy Febr y 10, 2026, Me . M tr and Hav purch ed fr th Company

-qualified optio (OP Opt ) to purch un ts of th Op ating Part ship fo

$25 m lio and $5 m lion, sp t v ly Th tr t d d in th Add t onal

Info t About Tr te Ex utiv Off and Management ctio under th head ngs "Sal of OP Opt to Shank S. M tra" and "Sal f OP Opt to Ronald L. Hav , J .," beginning page 84 of this pr y stat ent

In t wit Mr. Ru l's planned t nt th Company ent ed into Ret nt d Tr itio Ag ent (the R&T Ag ent) wit Mr. Ru l to pport th ntinued tr itio of h dutie and sp ibilitie to Mr. Boyl and to pr vid other vic y be quested by th Company Under th R&T Ag ent whic is effectiv upon Mr. Ru l's t nt

Mr. Ru l will iv nthly ult ng fe equal to $400,000 and h outstand ng equity

w ds wil in outstand ng and ntin to v st in rd wit th te of th Amended and Restated Public St age 202 Equ ty and Perf -Ba d In ntiv Comp atio Pl . Th te of th R&T Ag ent will pi Ma 31, 2027, unl tended by th part

Th eadership tr itio tte d d in deta th ughout this pr y stat ent

Proposal 1: Election of Trustees

Ou Bo d has inated twelv tr te wh hav agreed to v until t y s annual

eting of sh eholder if el ted by sh eholder at Annual Meeting

PROPOSAL 1

ELECTION OF TRUSTEES

UTIVE SUMMARY

Ou Bo d has inated twelv tr te fo el t at this ye s Annual Meeting to hold off until th t annual eting of sh eholder .

If any of in bec va abl to stand fo el t on, th pr ie ed th pr y rd intend to v te yo sh fo th el t of any bst tute in proposed by th

Bo d.

Th proposed slat of twelv in fl ts th Bo d and utiv eadership tr itio tte d d in th Public St ag Highlight ctio under th head ng "PS4 0TMand

Leadership Tr ition," beginn ng page 10 of this pr y stat ent Th slat al fl ts th Bo d ngoing id atio of th appropriate s of th Bo d, istent wit the B d det m natio that ducing th s of th Bo d, while intaining appropriate m of sk ls

perie e, and per nal qualities, te effective, w l-fu t on ng Bo d that v th best inte st of Public St age and sh eholder . As t of the B d ss pl ing

t v t d ongoing delib atio th Bo d has inated th twelv in isted

page 17 Each of th in is nt tr tee, other th Mr. Boyle, wh will be appointed to th Bo d effectiv Apr 1, 2026 in t wit h pr otio to Chief Ex utiv Off . As noted above, in t wit Mr. Reyes etir ent th Bo d will be duced in s to twelv tr te effectiv at th Annual Meeting.

Th Bo d is sp ib e fo v e ng nagement and pr viding und gov behalf of sh eholder . Th Bo d and of it mm tte hav t v e in v e ng nagement of the C pany s r sks, sp ibility that th Bo d believ is of it st

important of v s ght.

Th Bo d rr out it sp ibilitie th ugh (1) th effectiv laboratio of h ghly pabl and perie ed tr te ; (2) w l- afted Bo d st ct e, whic includes parat ind v dual hold ng th positio of th CEO, th Cha of th Bo d (who will be independent tr te

of Apr 1, 2026) and th Lead Independent Tr tee; (3) st ng mm tte st ct that abl tr te to pr vid th appropriate ev of fo d v s ght and bj t- tte pert ; and

(4) adher to Corp at Gov Guidelin and Tr te ' Code of Eth .

BOARD EVALUATIONS AND NOMINATIONS

In al Bo d valuatio and inatio pr s, th NGS Comm tte valuat

tr te - nd v dually and a g up-in light of th nt needs of th Bo d and th Company This ual valuatio pr v w th effectiv of th Bo d, it mm tte and

tr te wit fo Bo d mp ition, t e, and administratio . In add t on, during th of th ye th NGS Comm tte d Bo d ss and y v w potentia

tr te nd dat Th NGS Comm tte has in th past tained third part to s st in ident fying potentia in

NGS Co itte Cha to v w th identified in th quest onna sp and d other valuatio topi . Fo lowing th ind v dual inte view th NGS Comm tte Cha d wit th NGS Co itte th aggregated t of th w itte quest onna and th NGS Comm tte

Cha r v t wit ind v dual tr te Th NGS Comm tte Cha al pr ent mm tte -sp ific feedback to of th Aud t Comm tte Cha and CHC Comm tte Cha and ports th

t of th annual valuatio pr to th fu l Bo d. Feedback ting fr th

valuatio is ed to f Bo d and Bo d mm tte pr t and impr v Bo d, Bo d mm ttee, and ind v dual tr te perfo . In add t on, th NGS Comm tte take into

id atio th val t wh nd ng th slat of in fo el t to th Bo d at ch annual eting of sh eholder .

In nt ye s, giv feedback pr vided in the B d nnual val t pr s, th Bo d has undertake to duc it s v t to fac itat great eff c y and effectiv while al plann ng fo Bo d ss . In t wit the B d s 2025 annual val t pr and the B d id atio of th PS4 0 eadership tr itio tte des ibed above, th Bo d

ntinued to id it s and th impact that any duct in s w uld hav th lectiv m of tr te ' sk ls perie e, d per nal qualitie . As t of th delib atio in

ly 2026, th Bo d det m ned to duc it s fr thirte to twelv tr te fo lowing Mr. Ru l's t nt effectiv Ma 31, 2026, Mr. Boyle ppoint nt Mr. Ru l's

effectiv Apr 1, 2026, and Mr. Reyes etir ent effectiv at th Annual Meeting. Th Bo d has inated th twelv in isted page 17, of wh is nt tr tee, other th Mr. Boyl .

BOARD QUALIFICATIONS

Th NGS Comm tte has developed trix of sk ls and attribut to help th qualificatio of tr te nd dat includ ng

Sk lls d Attr but

Industry Experie

Op ational Management Experie Capita Market / Banking Expert Corp at Gov Experie Susta nab ity Experie

Real Estate Experie Technology Experie Marketing Experie Ta Experie

Oth Expert that May Be Important to Ov s ght of the C pany s Op atio

and St tegi Objectiv

ia L te cy

F

Independenc

Hig Integrity and Eth Standards Sen Ex utiv Experie

Public Company Bo d Experie Risk Management Experie

Understand ng of Comp e Public Compan L ke Organi t

Ability to Work Co legially and

Co laboratively wit Oth Tr te and Management

Ag Te

Pe onal Backg und

Th NGS Comm tte id th ev nt sk ls and attribut of Bo d nd dat wit th goal of inating slat of nd dat wit appropriate mbinatio of sk ls perie e, d per nal qualitie that will best v th Bo d and it mm tte Company and

sh eholder .

Th NGS Comm tte al annually id Bo d cand date peting mm tment and sp ibilities, includ ng vic other rp at boards wit v w to nfirm ng that ch

BOARD REFRESHMENT AND SUCCESSION STRATEGY

Ou Bo d and th NGS Comm tte understand th importa of Bo d fr hment We a to str ke bal betw th kn w edge and persp t v that fr onger-t vic th Bo d wit th w perie e, id and gy that fr add ng w tr te We

gul ly id whether Bo d appropriately includes tr te wh hav v uabl h st ic institutional kn w edge of Public St ag and th mpetitiv vir ent w l w

tr te wit v r ed backg unds persp t v s, and sk ls As t of ongoing Bo d fr hment efforts, v of tr te in hav te of f v ye e .

Th NGS Comm tte take st tegi appr to fr hment and ss plann ng. Th NGS Comm ttee ppr includes id ing the C pany s busin st tegy gul ly f n ng it ist of th sk ls and attribut ry fo effectiv Company v s ght v th sh t- d ong-te m, gul ly ss ng how th nt Bo d et th targeted sk ls and attribut and ident fying sk ls and backg unds that should be bolst ed by add ng w tr te

th Bo d at th Bo d, Bo d mm ttee, and ind v dual tr te ev s

We al id any an ngful changes in th job sp ibilitie busin c atio of tr te As d d fully bel w under "C porate G v -Changes in Tr te Resp ibilitie and Co it nts" page 35, Corp at Gov Guidelin and

Tr te ' Code of Eth perm t th NGS Comm tte to quest that tr te s gn if ch

change impai the t stee ffectiv . Th NGS Comm tte al take into unt anticipated tr te t nt it id it ong-te Bo d mp itio goal . In add t on, part of

sh eholder engagement d alogue, w hav in th past d d wit inv st th mp itio and perfo of Bo d, and w will ntin to do upon quest

otherwis appropriate

As noted ab ve, th Bo d has undertake to duc it s v t while al plann ng fo

Bo d ss . In t wit the B d s 2025 annual val t pr and the B d

Afte delib ation, th NGS Comm tte nded to th Bo d, and th Bo d agreed, that th in slat should include th twelv in bmitted fo el t at th Annual Meeting.

As m ng th el t of this ye s proposed tr te in w believ w will hav good bal betw te ed and w tr te and that th proposed slat of in will

t tute st ng, independent Bo d that w l be w l-positioned to vigat th nt chal enging busin vir ent e te the C pany s gr wth and pport th

mp ishment of key rp at obj t v fo th benefit of al of stakeholder .

BOARD DIVERSITY

Ou Bo d, includ ng th in bmitted fo el t at th Annual Meeting, fl ts d v persp t v and mp e nt y m of sk ls perie e, and backg unds that w believ par ount to ab ity to pr ent th inte st of al stakeholder .

Ou tr te in 83% of wh independent, hav broad nge of perie in v rying f elds includ ng al tate f e,

f ia port ng, banking, inte ational affairs, gov e, rketing, tail, operatio egal and cyb r ty/technology. A jor ty of

tr te hold hav held d ct ship at other

U.S. pub mpan Fo of tr te in in add t to Cha and,

effectiv Apr 1, 2026, CEO, hav ved CEOs and al hav dem trated perb eadership and analytical skills gained fr

deep perie in nagement f e, and rp at gov .

Comp t o Highlight Independe 10 of 12 Tr te Nom Gende Di sity 4 of 12 Tr te Nom Racial Di ty 4 of 12 Tr te Nom

Ag Di sity 40s-3 Tr te Nom nee; 50s-Tr te Nom nee; 60s-6 Tr te Nom ; 70s-2 Tr te Nom

Y

Te u 8.6 Ye Av age; 3 Ye Less-3 Tr te Nom ; 3 to 7

s-5 Tr te

Nom ; 7 Mo Ye s-4 Tr te Nom

Fo of tr te in w (wit Kristy P pes ving Lead Independent Tr te and Aud t Comm tte cha r), and fo c ally d v f- dent fy be ng fr

under pr ented n ty Add t onally Cha and CEO hav pr vided

an ngful in-p opportun t fo th Bo d to inte ct wit key mb of nagement beyond utiv off quarterly basis Fo lowing Mr. Ru l's t nt Ma 31, 2026, th -f fth of nt utiv off d v (i ud ng Chief Digital &

Tr fo t Off (gender and c al), Chief Op ating Off (rac al and v te n) and Chief Legal Off (r ial)).

G v the d v backg unds w believ that tr te pr vid v r ety of point of v w that impr v th quality of d alogue, ntr but to effectiv decisio - k ng pr s, and

ha v al t in th boardr Maintaining this d v ity of v w and perie is key fo fo th NGS Comm tte and th Bo d.

NOMINEE QUALIFICATIONS

Th Bo d has inated twelv tr te fo el t at th Annual Meeting. Each in is

in mbent (oth th Mr. Boyle) Th Bo d has appointed Mr. Boyl tr te effectiv Apr 1, 2026 fo lowing Mr. Ru l's t nt fr th Bo d effectiv Ma 31, 2026.

TRUSTEE NOMINEES SKILLS AND BACKGROUND SUMMARY

Th Bo d believ that tr te in pr vid Public St age wit th mbined sk ls perie e, and per nal qualitie needed fo effectiv and engaged Bo d.

Includes f- dentificatio be ng fr under pr ented n ty

TRUSTEE NOMINEE BIOGRAPHIES Sh kh S Mitr

Chairman of the Board of Public Storage, effective April 1, 2026 Chief Executive Officer of Welltower Inc.

Ag 45

Tr te s 202

Independent Tr te Comm tte

CHC

Inv st nt

H Thom Boyl

Mr. M tr joined th Bo d in Ja y 202 and w appointed Cha in Febr y 2026, effectiv Apr 1, 2026. He has ved th Chief Ex utiv Off of We lt w In . (NYSE WELL) publicly traded al tate inv st nt tr t that inv st in n housing operat s, post- ut pr vid s, and health syst s,

s October 2020. Pr vio ly Mr M tr ved We lt w In . s Chief Inv st nt Off fr August 2018 to Ja y 2023, Sen V

Pr ident-I v tments f Ja y 2018 to August 2018, and Sen V

Pr ident-Fin & Inv st nt fr Ja y 2016 to Ja y 2018. Fr July 2013 to October 2015, Mr M tr ved Portfo io Manager Real Estate Se r t at M lenn Management Mr. M tr ved Sen Analyst at Citadel

Inv st nt Group fr Apr 2012 to Ju 2013 and F delity Inv st nt fr Ju 2009 to Ma 2012.

Mr. M tr has ved d ct of We lt w In . s October 2020.

Key Re fo Nomi ti

Mr. M tra s qualificatio fo el t to th Bo d include h te iv perie public mpany utiv and d ct includ ng Chief Ex utiv Off and

d ct of larg REIT h te iv perie wn ng, operating, quir ng, and developing al tate h ent pris r sk nagement pert and h f ia

and pert in rg and quis t and pita al o t .

Chief Investment Officer of Public Storage

Chief Executive Officer of Public Storage, effective April 1, 2026

Ag 43

Tr te s

Appoint nt Effectiv Apr 1, 2026

Comm tte

Inv st nt (effectiv Apr 1, 2026)

Th Bo d has appoi ted Mr. Boyl Chief Ex utiv Off and tr te of Public St age effectiv Apr 1, 2026. Mr. Boyl has been Chief Inv st nt Off of Public St ag s Ja y 1, 2023, and he ved Chief F ia Off fr Ja y 1, 2019 to Febr y 16, 2026. Pr vio ly Mr Boyl w V

Pr ident and Chief F ia Off , Op atio of Public St age, fr Nov mb 2016, wh he joined th Company until Ja y 2019. Prio to joining Public

St age, Mr. Boyl ved in e of in ing sp ibilitie wit Morg Stanley s 2005, fr analyst to h ast e Ex utiv Dir to , Equ ty and Debt Capita Market . Mr Boyl has ved d ct of Sh gard Se f St age Limited (Shurgard) (EURONEXT SHUR) and mb of Sh gard s Real Estate Inv st nt Co itte s May 2023.

Key Re fo Nomi ti

Mr. Boyle s qualificatio fo el t to th Bo d include h eadership perie and Company d industry kn w edge, includ ng h f ia and pita rket

and perie wit f to ge al tate Mr Boyl pr vid

nagement s persp t v in Bo d d ss about th operatio and st tegi d ctio of th Company

Ta Hughe Gust v Real Estate Investor Philanthropist

Ag 64

Tr te s 2008

Independent Tr te

Ms Gust v joined th Bo d in Nov mb 2008. Sh w pr vio ly ployed by Public St age fr 1983 to 2003, ving st ntly Sen V

Pr ident Adm n st t . Dur ng th past te ye s, Ms Gust v has perv d her per nal bus inv st nt and engaged in ch itabl t v t

Ms Gust v ntly v th Bo d of Tr te of Am ic Ho

4 Rent (NYSE AMH) th Bo d of Tr te of th W lia Law and Bl he Hughes Foundation, and th Bo d of Tr te of th Univ s ty of Souther

Ms Gust v n s qualificatio fo el t to th Bo d include her kn w edge of th Company and it busin and her public mpany board perie . In add t on, th arg t ind v dual sh eholder of th Company Ms Gust v pr vid th

Bo d wit hareholder s persp t v th operatio and st tegi d ctio of th Company

Ro d L Ha Jr

Chairman of the Board of Public Storage, through March 31, 2026 Retired Chief Executive Officer of Public Storage

Ag 68

Tr te s 2002

Mr. Hav joined th Bo d in Nov mb 2002 and has ved Cha s August 2011 He will tr itio fr h e Cha effectiv Ma 31, 2026. Mr. Hav ved Chief Ex utiv Off of Public St age fr Nov mb

2002 until h t nt Ja y 1, 2019. Mr. Hav joined Public St age in 1986 and held v r ety of n nagement positio prio to bec ing Chief Ex utiv Off .

Mr. Hav v d ct of AvalonBay Co ities, In . (NYSE AVB). He pr vio ly ved Cha of th Bo d of Public St age' ff iate Sh gard (EURONEXT SHUR) fr October 2018 until May 2023. Mr Hav al

pr vio ly ved Cha of th Bo d of PS Bus Parks, In .

(PS Bus Parks) (p v ly isted th NYSE) fr Ma 1998 until it e in July 2022. He w th 2014 Cha of th Bo d of Gov of Na it

Key Re fo Nomi ti

Mr. Hav s qualificatio fo el t to th Bo d include h te iv eadership perie and Company and industry kn w edge. Hav ng ved at Public St age

fo 40 ye s, includ ng 17 ye Chief Ex utiv Off , Mr. Hav pr vid inv uabl persp t v in Bo d d ss about th h st ic operatio d st tegi d ctio of th Company

Mari R Hawthor

Retired Chief Executive Officer of PS Business Parks, Inc.

Ag 66

Tr te s 2024

Independent Tr te Comm tte

Aud t NGS

Rebe Owe

Ms Hawthor joined th Bo d in 2024. Sh ved Pr ident and Chief

Ex utiv Off of PS Bus Park (p v ly isted th NYSE) fr August 2015 and July 2016, sp t v ly until her t nt in Sept ber 2020. Sh al

ved PS Bus s P ks s Int im Chief Op ating Off fr Ja y 2022 until it e in July 2022. Ms Hawthor pr vio ly ved PS Bus s P ks Chief F ia Off fr Sept ber 2017 to Sept ber 2018, it Ex utiv V Pr ident Chief Adm n st t v Off fr July 2013 to August 2015, and in

v r other nagement e s 1994. Prio to joining PS Bus Parks, Ms Hawthor held v nagement positio wit Am ic Off Park Propert fr 1988 to 1994.

Ms Hawthor has been mb of th Bo d of Dir to of Es Property Tr t (NYSE ESS) s Ma 2020 and of ASGN In rp ated (NYSE ASGN) s Ju 2021. Pr vio ly Ms Hawthor ved d ct of PS Bus Park fr July 2016 until it e in July 2022.

Key Re fo Nomi ti

Ms Hawthorne s qualificatio fo el t to th Bo d include her pert in ia al tate f ia and operational st tegi quis t and

development pita rkets, ent pris r sk nagement and eadership development Sh is perie ed public mpany d ct wit te iv aud t

mm tte perie .

Retired President of CEI Realty, Inc.

Former Chief Legal Officer of Clark Enterprises, Inc.

Ag 64

Tr te s 202

Independent Tr te Comm tte

CHC NGS

Ms Ow joined th Bo d in Ja y 2021. Ms Ow has ved th Cha and founder of Battery Reef LLC ia al tate inv st nt and nagement

mpany s Ja y 2019. Fr 1995 until Ja y 2019, sh ved in v r le at Clark Enterpr s In privat inv st nt f m and it aff liated

mpan includ ng Pr ident and Chief Inv st nt Off of CEI Realty In . th al tate inv st nt of Clark Enterpr s, fr 2015 to 2019, d Chief Legal Off of Cl k Enterpr fr 1995 to 2017

Ms Ow has ved th Bo d of Dir to of W ls t Mob e M n Ho dings Corp (NASDAQ WSC) s Nov mb 2021. In add t on, Ms Ow has ved th Bo d of Dir to of Ca Propert privat al tate inv st nt tr t,

s 2013, th Bo d of Dir to of Th Feil Organiz t on, privat ia al tate inv st nt and nagement mpany s 2022, and Cha of th

Real Estate Inv st nt Adv ry Comm tte of ASB Capita Management LLC, gist ed inv st nt advis s 2017. Pr vio ly Ms Ow ved th

Bo d of Dir to of Je ig Capital, In . (NYSE JCAP) fr De mb 2018 to Nov mb 2020.

Key Re fo Nomi ti

Ms Owen s qualificatio fo el t to th Bo d include her te iv perie quir ng, developing, wn ng, and naging ia al tate includ ng

Pr ident of arge, d v ified, privat al tate f m, her s gnif nt f ial, r sk nagement and egal pert and, th ugh her board perie e, her v uabl

ins ght into hum and rp at gov tte

Luk Peth br dge

Chief Executive Officer of Link Logistics

46

Tr te s 2025

Independent Tr te Comm tte

Aud t

Inv st nt

Kr sty M Pipe

Mr. Peth bridge joined th Bo d in July 2025. Mr. Peth bridge has ved Chief Ex utiv Off of L nk Logistic s Sept ber 2020. Prio th eto, Mr. Peth bridge ved Pr ident and Chief Ex utiv Off of L vC LLC fr July 2019 to Sept ber 2020, Pr ident and Chief Ex utiv Off of ShopC Propert fr May 2016 to Sept ber 2020, d in v r utiv

and eadership positio at public and privat al tate mpan in th United Stat and Aust ia

Key Re fo Nomi ti

Mr. Peth bridge's qualificatio fo el t to th Bo d include h te iv perie rp at f e, al tate nagement and ent pris

tr fo t . H utiv eadership perie pr vid sk ls that ntia fo effectiv Bo d v s ght and decisio - k ng.

Former Managing Director and Chief Financial Officer of Deloitte Consulting

Ag 66

Tr te s 2020

Lead Independent Tr te

Comm tte

Aud t (Cha r) NGS

Ms P pes joined th Bo d in October 2020. Ms P pes pr vio ly ved

Managing Dir to and Chief F ia Off of De oitte Co ult ng, inte ational nagement ulta y f m, wh sh naged th f fu t . Ms P pes

held v r eadership positio includ ng ving the firm s Management Comm tte and Co ult ng Op atio Co itte Prio to joining De oitte in 1999, Ms P pes w V Pr ident and Manager F Division, at Tr ic L fe Compan d Sen V Pr ident and Chief of Staff fo th Pr ident and Chief Ex utiv Off (a ng other n nagement positio ) at F t Inte tate Bank of Ca if n .

Ms P pes v th Bo ds of Dir to of AECOM (NYSE ACM), Ex S v Ho dings In . (NASDAQ EXLS) and Sav Va u V lage (NYSE SVV) Sh al

ved d ct of PS Bus Park (p v ly isted th NYSE) fr July 2019 until it e in July 2022.

Key Re fo Nomi ti

Ms P pes s qualificatio fo el t to th Bo d include her te iv f and f ia port ng pert and perie e, includ ng her perie chief

f ia off . Ms P pes al brings deep nagement eadership and r sk nagement perie to th Bo d, having held v n eadership

positio during her w l cyb r ty and dat priv y perie .

Aved ck B Po adi

Retired Executive Vice President and Chief Operating Officer of Lowe Enterprises

Ag 74

Tr te s 2010

Independent Tr te Comm tte

CHC (Cha r) Aud t

Tariq M Sh ukat

Mr. Po ad joined th Bo d in Febr y 2010. Fr 2007 to th end of 2016, Mr. Po ad held th positio of Ex utiv V Pr ident and Chief Op ating Off fo Low Enterpr s, d v ified national al tate mpany that he joined in 2003. Mr Po ad w wit Arth Ander fr 1974 to 2002 Managing Part Pac f Southw t.

Mr. Po ad v d ct of funds naged by West As t Management includ ng tw publicly traded funds and is d ct of Occ dental Petrol

Corp atio (NYSE OXY) Mr. Po ad is al mb of th Bo d of

Co ilo of th USC So Pric School of Public Po icy, th Bo d of Adv of th Ronald Reagan UCLA Med Cent and Dir to Em it of th YMCA of Metropolit LA He pr vio ly ved th boards of Ca if n P zz K tchen (p v ly isted Nasdaq) and Ca if n Re Corp atio (NYSE CRC)

Key Re fo Nomi ti

Mr. Po ad an s qualificatio fo el t to th Bo d include h pert d perie in al tate inv sting and operatio includ ng t of h

vic th chief operating off and chief f ia off of arg d v rs f ed al tate mpany and h pert in f e, unting, and f ia

port ng, including t of h perie aud to and n utiv at national unting f . Th ugh h perie wit other public mpan Mr. Po ad al brings v uabl ins ght into busin and rp at

gov .

Chief Executive Officer of Sonar

Ag 53

Tr te s 2019

Independent Tr te Comm tte

Aud t

Mr. Shaukat joined th Bo d in July 2019. He has been Chief Ex utiv Off of So AI tr t and v r f t ftw mpany s July 2024, and prio

th et he w -Ch ef Ex utiv Off s August 2023. Prio to that

Mr. Shaukat w Pr ident of Bumb e In . fr July 2020 to August 2023 He al ved Pr ident of Googl Cloud at Googl LLC fr 2016 to 2020, wh he

v w go-to- rket operatio and product and engi ing fo industry ut pow ed by rtificia intellig and chin e n ng. Befo joining Googl LLC Mr. Shaukat w Ex utiv V Pr ident and Chief Co ia Off at Ca Enterta ent Corp ation, afte initially joining th mpany in 2012 Ex utiv

V Pr ident and Chief Marketing Off . His sp ibilitie included v s ght of v nagement rketing, info atio technology and analytic al

busin in Prio to Ca Enterta ent Corp ation, Mr. Shaukat w Part at McK ey & Company and held eadership positio at v r technology-b ed mpan

Mr. Shaukat v th Bo d of Dir to of GAP, In . (NYSE GAP)

Key Re fo Nomi ti

Mr. Shaukat s qualificatio fo el t to th Bo d include h te iv d gital, rketing, technology cyb r ty and dat analytic perie . In add t on,

Mr. Shaukat brings inte ational perie and h pr v eadership and un que p pect v to th Bo d.

Ro d P Spogl

Co-Founder of Freeman Spogli & Co.

Former Ambassador to the Italian Republic and the Republic of San Marino

Ag 78

Tr te s 2010

Independent Tr te Comm tte

Inv st nt (Chair) NGS (Cha r)

CHC

Paul S Wi lia

Mr. Spogl joined th Bo d in Febr y 2010. Mr. Spogl -founded Fr

Spogl & Co (F Spogli) privat inv st nt f ded ted to m ddl - rket mpan positioned fo gr wth in 1983. Fr Spogl has inv sted v

$6 b lio in 72 portfo io mpan wit aggregat tr t v u of v

$32 b lio and has mp eted v 250 add- quis t wit it portfo io

mpan He ved th United Stat Amba dor to th Ita ia Republic and th Republic of Sa Mar fr August 2005 until Febr y 2009.

Mr. Spogl al v th Bo d of Ov of th Ho v Institutio at Stanf d Univ s ty and th Bo ds of Tr te of th W. M. Keck Foundation, th Cent fo Am ic Stud in Ro Italy and Whit Bridge Inv st nts, Ita ia inv st nt mpany Pr vio ly Mr Spogl ved th V Cha of Th

J. Paul Getty Tr t.

Key Re fo Nomi ti

Mr. Spogli's qualificatio fo el t to th Bo d include inv sting and inv st nt nagement pert and h broad- nging board and utiv perie . In

add t on, Mr. Spogli's perie in gov ent and inte ational at pr vid helpful ins ght in th Eu pean untr wh Public St age has inv st nt .

Retired Partner, Major, Lindsey & Africa

Former President, National Association of Corporate Directors, Chicago Chapter

Ag 66

Tr te s 202

Independent Tr te Comm tte

CHC NGS

Mr. W lia joined th Bo d in Ja y 2021. Mr. W lia ved Part and Managing Dir to of Majo , L ndsey & Afr LLC utiv u t ng f m, fr 2005 to 2018. He al ved Dir to of Global Div s ty Se ch s sting egal

ganiz t in enhancing the d v ity Mr W lia is th past Pr ident of th Chicago Chapt of th Nat onal As c atio of Corp at Dir to Fr 200 th ugh 2005, Mr W lia ved Ex utiv V Pr ident Chief Legal

Off & Corp at Se et y of Cardinal Health In . (NYSE CAH) pr vid of products and vic to health pr vid and nuf tu

M W lia v th Bo ds of Dir to of tw cl te of funds in th Am ic Funds tual fund fam ly (p t of th privately-held Capita Group)

Pr vio ly Mr. W lia ved th Bo ds of Dir to of A Tr sp t Se vic Group (p v ly isted NASDAQ), Comp M al (NYSE CMP) Ro Pow , In . (p v ly isted th NYSE) Es ndant In . (p v ly isted

NASDAQ), Bob Ev Fa s, In . (p v ly isted NASDAQ), and Stat Auto F ia Corp atio (p v ly isted NASDAQ), includ ng Stat Auto

F ia 's Lead Independent Dir to .

Key Re fo Nomi ti

Mr. W lia s qualificatio fo el t to th Bo d include h rp at

gov and hum pita nagement pert includ ng wit sp t to ta ent development and d v ity and incl ion, and h te iv egal gulat y, and public mpany board perie . In add t on, Mr W lia brings bstantia

utiv nagement eadership perie .