SAUL CENTERS, INC. — Director's Dealing 2013

May 13, 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: McCormick Thomas H (Director, President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-05-10	Common Shares	A	200	$44.42	Acquired	5717.711	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-05-10	Employee Stock Option	$44.42	A	40000	Acquired	2023-05-10	Common Stock (40000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Series A Preferred Stock	920	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$33.22	2015-05-06	Common Stock (5000)	5000	Direct
Employee Stock Option	$41.82	2021-05-13	Common Stock (10000)	10000	Direct
Employee Stock Option	$39.29	2022-05-04	Common Stock (10000)	10000	Direct

Footnotes

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

F2: Self-IRA

F3: Balance increased by April 30, 2013 Dividend Reinvestment Plan award of 45.971 shares.