X0306 4 2015-12-14 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 2015-12-14 4 M 0 25000 50.30 A 173822 D Common Stock 2015-12-14 4 S 0 25000 248.4971 D 148822 D Common Stock 2015-12-14 4 I 0 67791.3569 25.046 D 0 I By 401(k) plan Stock Option (right to buy) 50.30 2015-12-14 4 M 0 25000 0 D 2010-03-02 2019-03-02 Common Stock 25000 0 D Includes 85,375 restricted share units. Represents weighted average purchase price. These shares were sold at prices ranging between $248.4385 and $248.67. 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. 401(k) plan units that represent interests in common stock; based on plan information as of December 14, 2015. There is not a one to one correlation between units and shares. Represents per unit price of unitized company stock. 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. /s/ Lily Y. Hughes, Attorney-in-Fact 2015-12-16