SAUL CENTERS, INC. — Director's Dealing 2013

May 14, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2013-05-10

Reporting Person: COLLICH JOHN F (Sr. VP-Acquisitions & Dev.)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-05-10	Employee Stock Option	$44.42	A	20000	Acquired	2023-05-10	Common Stock (20000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Series A Preferred Stock	660	Direct
Series A Preferred Stock	1424.624	Indirect
Common Shares	1571.462	Indirect
Common Shares	21076.220	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$25.78	2014-04-26	Common Stock (3750)	3750	Direct
Employee Stock Option	$33.22	2015-05-06	Common Stock (3000)	3000	Direct
Employee Stock Option	$54.17	2017-04-27	Common Stock (15000)	15000	Direct
Employee Stock Option	$41.82	2021-05-13	Common Stock (15000)	15000	Direct
Employee Stock Option	$39.29	2022-05-04	Common Stock (15000)	15000	Direct

Footnotes

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

F2: The reported securities were called for redemption by the Issuer at a price equal to their liquidation preference plus accumulated but unpaid dividends.

F3: Balance increased by April 30, 2013 Dividend Reinvestment Plan award of 12.953 shares.

F4: Balance increased by April 30, 2013 Dividend Reinvestment Plan award of 175.596 shares.

F5: Balance increased by April 30, 2013 Dividend Reinvestment Plan award of 17.738 shares.

F6: The options vest 25% per year over four years from the date of grant.