Public Storage — Director's Dealing 2010

May 10, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2010-05-06

Reporting Person: EVANS JOHN T (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-06	Stock Option (right to buy)	$94.25	A	5000	Acquired	2020-05-06	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2249	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$62.80	2019-05-07	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$91.81	2018-05-08	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$74.23	2017-08-02	Common Stock (1249)	1249	Direct
Stock Option (right to buy)	$91.68	2017-05-03	Common Stock (1249)	1249	Direct
Stock Option (right to buy)	$85.50	2016-08-22	Common Stock (1249)	1249	Direct
Stock Option (right to buy)	$60.06	2015-05-05	Common Stock (1249)	1249	Direct

Footnotes

F1: Stock Options granted pursuant to the 2001 Stock Option and Incentive Plan; options vest in 3 equal annual installments beginning 1 year from date of grant.

F2: Stock Options granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan; options vest in 3 equal annual installments beginning 1 year from date of grant.