X0306 4 2016-12-14 0 0001393311 Public Storage PSA 0001227389 REYES JOHN C/O PUBLIC STORAGE 701 WESTERN AVENUE GLENDALE CA 91201 0 1 0 0 SENIOR VICE PRESIDENT / CFO Common Stock 2016-12-14 4 M 0 50000 97.47 A 227150 D Common Stock 2016-12-14 4 S 0 50000 215.4208 D 177150 D Stock Option (right to buy) 97.47 2016-12-14 4 M 0 50000 0 D 2008-03-15 2017-03-15 Common Stock 50000 0 D Includes 102,000 restricted share units. Represents weighted average purchase price. These shares were sold at prices ranging between $214.77 and $216.42. 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. Stock option granted pursuant to the 2001 Stock Option and Incentive Plan. Option vested in eight (8) annual installments beginning one (1) year from date of grant. /s/ Lily Yan Hughes, Attorney-in-Fact 2016-12-14