X0304 4 2012-02-29 0 0001393311 Public Storage PSA 0000935808 HUGHES B WAYNE ET AL C/O PUBLIC STORAGE 701 WESTERN AVENUE GLENDALE CA 91201 1 0 1 0 Common Stock 1923141 I As Trustee Common Stock 1427 I By IRA Common Stock 735000 I By GRAT Common Stock 2012-02-29 4 S 0 529363 13.64 D 0 I By 401(k) Plan By B. Wayne Hughes, trustee for B.W. Hughes Living Trust dated 6/3/77 (the "Living Trust"). By custodian of an IRA for the reporting person's benefit. By B. Wayne Hughes, trustee of Wayne Hughes 6-07 Annuity Trust. 401 (k) plan units that represent interests in common stock or equity stock; based on plan information as of February 29, 2012. There is not a one to one correlation between units and shares. Any reduction in the number of units from prior filings represents the liquidation of units by the trustee of the plan to fund mandatory distributions to the reporting person. /s/ David Goldberg, Attorney in Fact 2012-03-02