X0306 4 2018-04-25 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 11348 D Common Stock 17890 I By husband as custodian Common Stock 16327445 D Common Stock 27343 I By IRA Common Stock 1300 I By husband Common Stock 5500 D Common Stock 895390 I By son Common Stock 675000 I By custodian Common Stock 200000 I By LLC Common Stock 295000 I By LLC Stock Option (right to buy) 193.71 2018-04-25 4 A 0 5000 0 A 2019-04-25 2028-04-25 Common Stock 5000 5000 D Stock Option (right to buy) 223.93 2018-04-26 2027-04-26 Common Stock 5000 5000 D Stock Option (right to buy) 258.49 2017-04-25 2026-04-25 Common Stock 5000 5000 D Stock Option (right to buy) 187.91 2016-04-30 2025-04-30 Common Stock 5000 5000 D Stock Option (right to buy) 176.19 2015-05-01 2024-05-01 Common Stock 5000 5000 D Stock Option (right to buy) 164.42 2014-05-09 2023-05-09 Common Stock 5000 5000 D Stock Option (right to buy) 144.97 2013-05-03 2022-05-03 Common Stock 5000 5000 D Stock Option (right to buy) 115.96 2012-05-05 2021-05-05 Common Stock 5000 5000 D Stock Option (right to buy) 94.25 2011-05-06 2020-05-06 Common Stock 5000 5000 D Stock Option (right to buy) 62.80 2010-05-07 2019-05-07 Common Stock 5000 5000 D Stock Option (right to buy) 70.72 2009-11-25 2018-11-25 Common Stock 15000 15000 D By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property. By husband as custodian for daughter. By custodian of an IRA for benefit of reporting person. By reporting person and husband By third party custodian for the benefit of daughter. By limited liability company wholly-owned by daughter. By LLC of which reporting person is a member and manager. Stock Option granted pursuant to the 2016 Equity and Performance-Based Incentive Compensation Plan. Option vests in three (3) equal annual installments beginning one (1) year from the grant date. 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 grant date. /s/ David Goldberg, Attorney-in-Fact 2018-04-27