Agreement and plan of reorganization between Public Storage Inc. and PS Business Parks Inc. approved by the shareholders of PS Business Parks Inc.

GLENDALE, Calif.--(BUSINESS WIRE)--March 19, 1996--Public Storage Inc. (NYSE:PSA) and PS Business Parks Inc. (PSBP) Tuesday jointly announced that the agreement and plan of reorganization between PSBP and PSA has been approved by the shareholders of PSBP.

More than 90 percent of the shares voted at the meeting were voted in favor of the merger.

The merger is expected to be consummated on or about March 26. Contingent upon effectiveness of the merger, two types of final distributions will be payable to shareholders of record of PSBP or their assigns as of the close of business on March 26, upon presentation of their certificates to the depository, 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 15 cents per share in cash will be paid to all shareholders of PSBP so as to ensure compliance with REIT distribution requirements and the second distribution in the amount of $19.52 per share will be payable in stock, or for those shareholders electing the "cash election," in cash.

The average closing price of PSA common stock during the specified 20-day valuation period was $21.15.

Public Storage Inc., the surviving entity, is an equity real estate investment trust that has invested primarily in existing miniwarehouses, which are self-service facilities offering storage space for personal and business use. At Dec. 31, 1995, the company owned or had interests in 1,050 properties. -0-

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http://www/hnt/com/bizwire/cnn

CONTACT: Public Storage Inc., Glendale

Harvey Lenkin, 818/244-8080