Joint News Release Public Storage Properties XVII, Inc. Public Storage, Inc. 701 Western Avenue P.O. Box 25050 Glendale, CA 91221-5050 For Release: Immediately Date: April 9, 1997 Contact: Mr. Harvey Lenkin (818) 244-8080 -------------------------------------------------------------------- GLENDALE, California--Public Storage Properties XVII, Inc. (AMEX:PSV) and Public Storage, Inc. announced today that the corporations agreed, subject to certain conditions, to merge. In the merger, PSV would be merged with and into PSA, and each outstanding share of PSV's Common Stock Series A would be converted, at the election of the shareholders of PSV, into either shares of PSA Common Stock or, with respect to up to 20% of the PSV Common Stock, $19.63 in cash. This dollar amount has been based on PSV's estimated net asset value (the appraised value of PSV's real estate assets as of March 17, 1997 and the estimated book value of PSV's other net assets as of June 30, 1997). The number of shares of PSA Common Stock will be based on dividing this same dollar amount by the average of the per-share closing prices on the New York Stock Exchange for a specified period prior to PSV's shareholders' meeting. The number of shares of PSA's Common Stock issued in the merger and the amount receivable upon a cash election will be reduced by the amount of cash distributions required to be paid to PSV's shareholders by PSV prior to completion of the merger in order to satisfy PSV's REIT distribution requirements. Additional distributions would be made to shareholders of PSV to cause PSV's estimated net asset value as of the effective date of the merger to be substantially equivalent to $19.63 per share. The merger is conditioned on, among other requirements, approval by PSA's board of directors, receipt of a satisfactory fairness opinion by PSV and approval by the shareholders of PSV. It is expected that any merger would close during the second half of 1997. ###