Public Storage — Director's Dealing 2014

May 14, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2014-05-12

Reporting Person: DOLL DAVID F (SENIOR VICE PRESIDENT)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-12	Common Stock	M	1263	$50.30	Acquired	39498	Direct
2014-05-12	Common Stock	S	1263	$172.0158	Disposed	38235	Direct
2014-05-13	Common Stock	M	6301	$50.30	Acquired	44536	Direct
2014-05-13	Common Stock	S	6301	$172.4608	Disposed	38235	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-12	Stock Option (right to buy)	$50.30	M	1263	Disposed	2019-03-02	Common Stock (1263)	Direct
2014-05-13	Stock Option (right to buy)	$50.30	M	6301	Disposed	2019-03-02	Common Stock (6301)	Direct

Footnotes

F1: Includes 23,100 restricted share units.

F2: Represents weighted average purchase price. These shares were sold at prices ranging from $172.00 to $172.09. Full information regarding the number of shares purchased 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: Represents weighted average purchase price. These shares were sold at prices ranging from $172.00 to $173.54. Full information regarding the number of shares purchased 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.

F4: Stock Option granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan As Amended. Options vest in five (5) equal annual installments beginning one (1) year from date of grant.