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res. in book-entry form only, through the facilities of The Depository Trust Company. against payment on or about June , 2016. See "Underwriting." BofA Merrill Lynch Joint Book-Running Managers Morgan Stanley UBS Investment Bank The date of this prospectus supplement is _tune , 2016. EFTA00618204 TABLE OF

dividend disbursing agent for the depositary shares representing the Series A Preference Shares will be responsible for dividend payments to you. Computershare Trust Company, N.A. Depositary Computershare Inc. and Computershare Trust Company, N.A. S•6 EFTA00618214 Table of Contents Summary Historical Consolidated F

% Cumulative Preferred Share of Beneficial Interest, Series C N Public Storage. PROSPECTUS SUPPLEMENT May , 2016 Joint Book-Running Managers BofA Merrill Lynch Morgan Stanley UBS Investment Bank Wells Fargo Securities EFTA00595921

ed Share of Beneficial Interest, Series C (the "Preferred Shares"). The Preferred Shares represented by the Depositary Shares will be deposited with Computershare Trust Company, N. A., as depositary. As a holder of Depositary Shares, you will be entitled to all proportional rights, preferences and privileges of the Preferre

epresenting 1/100th Interest in a Share of Series F Noncumulative Perpetual Preferred Stock The Bank of New York Mellon Corporation * BNY MELLON BofA Merrill Lynch Citigroup Morgan Stanley UBS Investment Bank BNY Mellon Capital Markets, LLC EFTA00597198

00.000 per sham (the "Series F Preferred Stock"). V) of The Bank of New York Mellon Corporation, deposited with Computershare ComputershareInc. and Computershare Trust Company. M.. as joint CO 0 co depositary. The depositary shares are evidenced by depositary receipts. As a holder of the depositary shares, you are entitl