Life Storage, Inc. Reviewing Unsolicited Proposal from Public Storage

Life Storage, Inc., (NYSE:LSI), a leading national owner and operator of self-storage properties, today confirmed that it received an unsolicited taxable all-stock proposal from Public Storage to acquire all of the outstanding shares of Life Storage for 0.4192 shares of Public Storage common stock for each outstanding Life Storage share.

The Company noted that the proposal received today appears to be substantially similar in all material respects to a privately submitted proposal previously reviewed by the Life Storage Board of Directors. Notwithstanding, the Board, in consultation with its financial and legal advisors, will carefully review the proposal and determine the course of action that it believes is in the best interests of all shareholders.

Life Storage shareholders are advised to take no action at this time.

Wells Fargo Securities, LLC is acting as financial advisor to Life Storage and Hogan Lovells US LLP is serving as legal advisor.

Forward-Looking Statements

When used herein, the words “intends,” “believes,” “expects,” “anticipates,” and similar expressions are intended to identify “forward-looking statements” within the meaning of that term in Section 27A of the Securities Act of 1933 and in Section 21E of the Securities Exchange Act of 1934.

All forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained herein. Any forward-looking statements should be considered in light of the risks referenced in the “Risk Factors” section included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors include, but are not limited to: