X0306 4 2018-02-22 0 0001393311 Public Storage PSA 0001227384 HAVNER RONALD L JR C/O PUBLIC STORAGE 701 WESTERN AVENUE GLENDALE CA 91201 1 1 0 0 Chairman & CEO Common Stock 2018-02-22 4 F 0 3099 193.14 D 119237 D Common Stock 127500 I As Trustee Stock Option (right to buy) 226.24 2018-02-22 2027-02-22 Common Stock 100000 100000 D Stock Option (right to buy) 233.61 2017-02-15 2026-02-15 Common Stock 100000 100000 D Stock Option (right to buy) 198.79 2016-02-19 2025-02-19 Common Stock 100000 100000 D Stock Option (right to buy) 166.71 2015-02-20 2024-02-20 Common Stock 100000 100000 D Stock Option (right to buy) 152.01 2014-02-21 2023-02-21 Common Stock 100000 100000 D Stock Option (right to buy) 50.30 2010-03-02 2019-03-02 Common Stock 100000 100000 D All are restricted share units. Mr. Havner has postponed receipt of 10,000 shares of vested restricted stock units granted on February 19, 2015 with an original vesting date of April 1, 2016, for receipt in 10 equal installments over 10 years starting on each April 1, 2021 to April 1, 2030. 3,151 of these shares were previously held directly by the reporting person. By Ronald L. Havner, Jr. and LeeAnn R. Havner, Trustees of the Havner Family Trust. Stock Option granted pursuant to the 2016 Equity and Performance-Based Incentive Compensation Plan. Option vests in five (5) equal annual installments beginning one (1) year from the date of grant. Stock Option granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan, as amended. Option vests in five (5) equal annual installments beginning one (1) year from the date of grant. Stock Option granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan, as amended. Option vests in three (3) equal annual installments beginning one (1) year from the date of grant. /s/ Lily Yan Hughes, Attorney-in-Fact 2018-02-26