Public Storage Announces Tax Treatment of 2008 Dividends

GLENDALE, Calif.--(Business Wire)--
Public Storage (NYSE:PSA) announced today the tax treatment of the Company`s
2008 dividends. For the tax year ended December 31, 2008, distributions for the
PSA common stock, Equity Stock, Series A, and all the various series of
preferred stock were classified as follows:

2008
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter

Ordinary Income 99.9668 % 99.6512 % 99.8319 % 100.0000 %
Long-Term Capital Gain 0.0332 % 0.3488 % 0.1681 % 0.0000 %

Total 100.0000 % 100.0000 % 100.0000 % 100.0000 %

The ordinary income dividends do not constitute "qualified dividend income."

Alternative Minimum Tax

Alternative minimum tax adjustments are to be apportioned between a real estate
investment trust ("REIT") and its shareholders under Internal Revenue Code
Section 59(d). Although regulations have not yet been issued under that
provision, based on regulations issued pursuant to a similar provision of prior
law and the legislative history of the current provision, it appears that such
alternative minimum tax adjustments are to be apportioned to a REIT`s
shareholders to the extent that the REIT distributes its regular taxable income.
It is the Company`s policy to distribute all of its regular taxable income and
accordingly, all of the Company`s alternative minimum tax adjustments are being
apportioned to the Company`s shareholders.

The Company has determined that 0.59% of each distribution to its shareholders
for the tax year ended December 31, 2008 consists of alternative minimum tax
adjustments (i.e., for each $1 of dividend reportable by a shareholder, $0.0059
represents a positive alternative minimum tax adjustment). To determine your
share of the Company`s positive alternative minimum tax adjustments, multiply
the aggregate dollar amount of your reportable 2008 dividends from the Company
(the sum of the amounts shown in Boxes 1a and 2a of the Company`s 2008 Form
1099-DIV) by 0.0059.

If you are an individual, please refer to Internal Revenue Service Form 6251,
Alternative Minimum Tax--Individuals. Your share of alternative minimum tax
adjustments should be input as a positive amount in Part I, Line 18
(depreciation on assets placed in service after 1986). If you are a corporation,
please refer to Internal Revenue Service Form 4626, Alternative Minimum
Tax--Corporations.

If you have questions, please consult your tax advisor for further guidance.

Company Information

Public Storage, a member of the S&P 500 and the Forbes Global 2000, is a fully
integrated, self-administered and self-managed real estate investment trust that
primarily acquires, develops, owns and operates self-storage facilities. The
Company`s headquarters are located in Glendale, California. At September 30,
2008, the Company had interests in 2,017 self-storage facilities located in 38
states with approximately 127 million net rentable square feet in the United
States and 179 storage facilities in seven Western European nations with
approximately nine million net rentable square feet.

Additional information about Public Storage is available on the Internet. The
Company`s web site is www.publicstorage.com.

Public Storage
Clemente Teng
(818) 244-8080

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