SAUL CENTERS, INC. — Director's Dealing 2014

May 20, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2014-05-16

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-16	Common Shares	S	700	$46.75	Disposed	21152.009	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1623.038	Indirect
Series A Preferred Stock	662	Direct
Series A Preferred Stock	2467.466	Indirect
Series C Preferred Stock	1000	Direct
Series C Preferred Stock	3000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$33.22	2015-05-06	Common Stock (3000.0)	3000	Direct
Employee Stock Option	$54.17	2017-04-27	Common Stock (15000.0)	15000	Direct
Employee Stock Option	$41.82	2021-05-13	Common Stock (15000.0)	15000	Direct
Employee Stock Option	$39.29	2022-05-04	Common Stock (15000.0)	15000	Direct
Employee Stock Option	$44.42	2023-05-10	Common Stock (20000.0)	20000	Direct
Employee Stock Option	$47.03	2024-05-09	Common Shares (20000.0)	20000	Direct

Footnotes

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