SAUL CENTERS, INC. — Director's Dealing 2013

May 20, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2013-05-16

Reporting Person: Connors Patrick T. (Sr Vice President-Finance)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-05-16	Common Shares	M	2500	$41.82	Acquired	2500	Direct
2013-05-16	Common Shares	M	1875	$39.29	Acquired	4375	Direct
2013-05-16	Common Shares	S	4375	$45.805	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-05-16	Employee Stock Option	$41.82	M	2500	Disposed	2021-05-13	Common Stock (2500)	Direct
2013-05-16	Employee Stock Option	$39.29	M	1875	Disposed	2022-05-04	Common Stock (1875)	Direct
2013-05-10	Employee Stock Option	$44.42	A	10000	Acquired	2023-05-10	Common Stock (10000)	Direct

Footnotes

F1: The options vest 25% per year over four years from the date of grant.