Joint News Release

   Public Storage Properties XV, Inc.
   Public Storage, Inc.
   701 Western Avenue
   P.O. Box 25050
   Glendale, CA  91221-5050
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                               For Release:     Immediately
                               Date:            December 5, 1996
                               Contact:         Mr. Harvey Lenkin
                                                (818) 244-8080

   GLENDALE, California--Public Storage Properties XV, Inc. (AMEX:PSQ) and
   Public Storage, Inc. (NYSE:PSA) announced today that the corporations
   had agreed, subject to certain conditions, to merge.  In the merger,
   PSQ would be merged with and into PSA, and each outstanding share of
   PSQ's Common Stock Series A would be converted, at the election of the
   shareholders of PSQ, into either shares of PSA Common Stock or, with
   respect to up to 20% of the PSQ Common Stock, $21.99 in cash.  This
   dollar amount has been based on PSQ's estimated net asset value (the
   appraised value of PSQ's real estate assets as of October 31, 1996 and
   the estimated book value of PSQ's other net assets as of March 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 PSQ's
   shareholders' meeting.  In the event of the merger, additional
   distributions would be made to shareholders of PSQ to cause PSQ's
   estimated net asset value as of the effective date of the merger to be
   substantially equivalent to its estimated net asset value as of March
   1997.  If additional distributions are required in order to satisfy
   PSQ's real estate investment trust distribution requirements, the number
   of shares of PSA's Common Stock issued in the merger and the amount
   receivable upon a cash election would be reduced on a pro rata basis
   in an aggregate amount equal to such distributions.  The merger is
   conditioned on, among other requirements, approval by PSA's board
   of directors, receipt of a satisfactory fairness opinion by PSQ and
   approval by the shareholders of PSQ.  It is expected that any merger
   would close during the first half of 1997.

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