Public Storage — Director's Dealing 2013

May 20, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2013-05-17

Reporting Person: KROL CANDACE N. (Sr. VP of Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-05-17	Common Stock	M	10000	$80.48	Acquired	43509	Direct
2013-05-17	Common Stock	S	10000	$167.1258	Disposed	33509	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-05-17	Stock Option (right to buy)	$80.48	M	10000	Acquired	2018-02-27	Common Stock (10000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$50.30	2019-03-02	Common Stock (30000)	30000	Direct
Stock Option (right to buy)	$97.47	2017-03-15	Common Stock (20000)	20000	Direct

Footnotes

F1: Includes 19,876 restricted share units.

F2: Represents weighted average price. These shares were sold at price ranging between $167.00 and $167.65. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.

F3: Stock Options granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan. Options vest in 5 equal annual installments beginning 1 year from the date of grant.

F4: Stock Options granted pursuant to the 2001 Stock Option and Incentive Plan.