PS BUSINESS PARKS, L.P.

AMENDMENT TO AMENDED AGREEMENT OF LIMITED
PARTNERSHIP TO AUTHORIZE SPECIAL ALLOCATIONS



This Amendment to the Amended Agreement of Limited Partnership of PS Business Parks, L.P., a California limited partnership (the “Partnership”), dated as of January 1, 2017, amends the Agreement of Limited Partnership of the Partnership dated as of March 17, 1998, as previously amended, by and among PS Business Parks, Inc. (the “General Partner”) and all of the Limited Partners, who are described in  the attached Exhibit A (the  “Partnership Agreement”).

The Partners wish to amend the Partnership Agreement to allow for special allocations as set forth below, and accordingly, amend the Partnership Agreement, effective as of the date of this amendment, as follows:

Section 1.  Definitions.  Capitalized terms not otherwise defined in this amendment shall have the meanings given to them in the Partnership Agreement.

Section 2.  Allocations.  Section 6.1 of the Partnership Agreement concerning allocation of profit and loss is amended to add at the end of that subsection a new clause Section 6.1(i) to read, in its entirety, as follows:

“(i)Special Allocations.  Notwithstanding anything to the contrary in this Agreement, the General Partner shall have the authority to specially allocate items of Partnership income, expense, gain or loss to the Partners provided that the special allocations are agreed to by all Partners.”

Section 3.  No Other Changes.   Except as otherwise set forth above, the Partnership Agreement continues in full force and effect.

Exhibit A