X0306 4 2019-09-03 0001393311 Public Storage PSA 0000935808 HUGHES B WAYNE ET AL C/O PUBLIC STORAGE 701 WESTERN AVENUE GLENDALE CA 91201 0 0 1 1 Chairman Emeritus Common Stock 2019-09-04 4 S 0 28700 262.1595 D 862886 I As Trustee Common Stock 2019-09-04 4 S 0 21300 261.4648 D 891586 I As Trustee Common Stock 2019-09-03 4 S 0 5898 266.1334 D 912886 I As Trustee Common Stock 2019-09-03 4 S 0 37019 265.3609 D 918784 I As Trustee Common Stock 2019-09-03 4 S 0 24383 264.222 D 955803 I As Trustee Common Stock 2019-09-03 4 S 0 32214 263.2546 D 980186 I As Trustee Common Stock 2019-09-03 4 S 0 100486 262.3865 D 1012400 I As Trustee Common Stock 994 I By IRA Common Stock 9000 I By Wife By B. Wayne Hughes, trustee for B.W. Hughes Living Trust dated 6/3/77. By custodian of an IRA for the reporting person's benefit. The shares are the separate property of reporting person's wife, and reporting person disclaims any economic interest in the shares. Represents weighted average price. These shares were sold at prices ranging between $266.00 and $266.42. 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. Represents weighted average price. These shares were sold at prices ranging between $265.00 and $265.9975. 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. Represents weighted average price. These shares were sold at prices ranging between $264.00 and $264.99. 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. Represents weighted average price. These shares were sold at prices ranging between $263.00 and $263.96. 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. Represents weighted average price. These shares were sold at prices ranging between $262.00 and $262.99. 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. Represents weighted average price. These shares were sold at prices ranging between $261.00 and $261.99. 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. Represents weighted average price. These shares were sold at prices ranging between $262.00 and $262.59. 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/ Anita McIntyre, Attorney-in-Fact 2019-09-04