FOR IMMEDIATE RELEASE

MEDIA CONTACT: Stefanie Spear, sspear@asyousow.org, 216-387-1609

BERKELEY, CALIFORNIA—MAY 3, 2023—Tuesday at the annual general meeting of Public Storage, the world’s largest self-storage service company, investors voted on a shareholder resolution filed by Amalgamated Bank with support from shareholder representative As You Sow asking the company to set short- and long-term net zero greenhouse gas emissions-aligned targets for its operational and value chain emissions.

34.7% of shareholders voted in favor of the Public Storage resolution based on preliminary numbers from the company.

Public Storage is the largest self-storage company in the world, with more than 200 million net rentable square feet at more than 2,800 properties in the U.S. alone. Companies with large real estate footprints have an important role to play in reducing climate impacts.

Daniel Stewart, energy and climate program manager at As You Sow, made the following statement:

“Today’s vote is a clear call from Public Storage’s ownership that the company must address its full climate impact in line with science and step into a leadership position in decarbonizing the building sector.”

Ivan Frishberg, chief sustainability officer at Amalgamated Bank, made the following statement:

“The transition of building stock to net zero is a challenge for the country but an opportunity for a company like Public Storage. We are pleased that other investors also saw the value in operating under clear science-based targets.”

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As You Sow is the nation’s leading shareholder advocacy nonprofit, with a 30-year track record promoting environmental and social corporate responsibility and advancing values-aligned investing. Its issue areas include climate change, ocean plastics, pesticides, racial justice, workplace diversity, and executive compensation. Click here for As You Sow’s shareholder resolution tracker.

Amalgamated Bank, the wholly owned banking subsidiary of Amalgamated Financial Corp. (Nasdaq: AMAL), is a mission-driven New York-based full-service commercial bank and a chartered trust company with a combined network of six branches in New York City, Washington D.C., San Francisco, and Boston. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers.

Since their founding in 1923, Amalgamated Bank has used the power of banking to create impact and empower organizations and individuals to advance positive social change. Amalgamated Bank is the country’s largest B Corp bank and a proud member of the Global Alliance for Banking on Values.