Agreement and Plan of Reorganization between Public Storage Properties XIV Inc. and Public Storage Inc. approved by shareholders of PSP14.

GLENDALE, Calif.--(BUSINESS WIRE)--April 9, 1997--Public Storage Properties XIV Inc. (PSP14) Wednesday announced that the Agreement and Plan of Reorganization between PSP14 and Public Storage Inc. (NYSE:PSA) has been approved by the shareholders of PSP14.

Over 90% of the shares voted at the meeting were voted in favor of the merger.

The merger is expected to be consummated on or about April 11, 1997. Contingent upon effectiveness of the merger, two types of final distributions will be payable to shareholders of record of PSP14 or their assigns as of the close of business on April 11, 1997, upon presentation of their certificates to the Depositary, American Stock Transfer & Trust Co., for the "cash election" or the Exchange Agent, The First National Bank of Boston.

The first distribution in the amount of 84 cents per share in cash will be paid to all shareholders of PSP14 so as to ensure compliance with REIT distribution requirements and the second distribution in the amount of $20.98 per share will be payable in stock or, for those shareholders electing the "cash election," primarily in cash and the balance in stock. The average closing price of PSA common stock during the specified 20-day valuation period was $28.788.

Public Storage Inc., the surviving entity, is an equity real estate investment trust that has invested primarily in existing mini-warehouses, which are self-service facilities offering storage space for personal and business use. At Dec. 31, 1996, PSA owned or had interests in 1,109 properties.

CONTACT: Public Storage Inc., Glendale

Harvey Lenkin, 818/244-8080