X0304 4 2012-03-08 0 0001393311 Public Storage PSA 0001322750 GUSTAVSON TAMARA HUGHES C/O PUBLIC STORAGE 701 WESTERN AVENUE GLENDALE CA 91201 1 0 1 0 Common Stock 2500 I As custodian Common Stock 11348 D Common Stock 17890 I By husband as custodian Common Stock 17890 I By husband as custodian Common Stock 2012-03-08 4 S 0 135000 129.47 D 17329349 D Common Stock 27343 I by IRA Common Stock 1300 I By husband Common Stock 400000 I By LLC Common Stock 5500 D Common Stock 750000 I By husband as Trustee Stock Option (right to buy) 115.96 2012-05-05 2021-05-05 Common Stock 5000 5000 D Stock Options (right to buy) 94.25 2011-05-06 2020-05-06 Common Stock 5000 5000 D Stock Options (right to buy) 62.80 2010-05-07 2019-05-07 Common Stock 5000 5000 D Stock Options (right to buy) 70.72 2009-11-25 2018-11-25 Common Stock 15000 15000 D By reporting person as custodian for son. By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property. By husband as custodian for son. By husband as custodian for daughter. By custodian of an IRA for benefit of reporting person. By husband. 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. By reporting person and husband. By husband as trustee of charitable lead annunity trust. 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. Represents weighted average sales price. These shares were sold at prices ranging between $129.11 and $131.24. 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. /s/ David Goldberg, Attorney in Fact 2012-03-08