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Public Storage Director's Dealing 2011

Feb 9, 2011

30014_dirs_2011-02-09_9c9cf2ac-f64e-45b3-ad77-d8ae2ed78513.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2010-12-30

Reporting Person: GUSTAVSON TAMARA HUGHES (Director, 10% Owner)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2010-12-30 Common Stock G 400000 Acquired 400000 Indirect
2010-10-21 Common Stock G 750000 Acquired 750000 Indirect

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 2500 Indirect
Common Stock 11348 Direct
Common Stock 17890 Indirect
Common Stock 17890 Indirect
Common Stock 17259349 Direct
Common Stock 27343 Indirect
Common Stock 1300 Indirect
Common Stock 5500 Direct
Common Stock 535000 Indirect
Common Stock 535000 Indirect

Holdings (Derivative)

Security Exercise Price Expiration Underlying Shares Ownership
Stock Options (right to buy) $94.25 2020-05-06 Common Stock (5000) 5000 Direct
Stock Options (right to buy) $62.80 2019-05-07 Common Stock (5000) 5000 Direct
Stock Options (right to buy) $70.72 2018-11-25 Common Stock (15000) 15000 Direct

Footnotes

F1: By reporting person as custodian for son.

F2: By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.

F3: By husband as custodian for son.

F4: By husband as custodian for daughter.

F5: By custodian of an IRA for benefit of reporting person. Includes roll over of 25,918 shares from reporting person's 401(K)plan.

F6: By husband.

F7: Reporting person is the successor trustee of two trusts for the benefits of her children that own a 50% interest in a limited liability company that owns a total of 800,000 shares.

F8: By reporting person and husband.

F9: By Tamara Hughes Gustavson, trustee of Tamara Hughes Gustavson 3-08 Annuity Trust for benefit of son.

F10: By Tamara Hughes Gustavson, trustee of Tamara Hughes Gustavson 3-08 Annuity Trust for benefit of daughter.

F11: 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 grant date.

F12: By husband as trustee of charitable lead annunity trust.

F13: Reflects transfer of 1,465,000 shares to reporting person.

F14: Reflects transfer of a total of 2,930,000 shares from two GRATs described in notes (9) and (10).