SAUL CENTERS, INC. — Director's Dealing 2014

May 13, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2014-05-09

Reporting Person: SCHNEIDER SCOTT V (Sr. Vice President-CFO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-09	Employee Stock Option	$47.03	A	20000	Acquired	2024-05-09	Common Shares (20000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	486.587	Indirect
Common Shares	486.587	Indirect
Common Shares	519.533	Indirect
Common Shares	507.386	Indirect
Series C Preferred Stock	3000	Direct
Common Shares	8397.38	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$33.22	2015-05-06	Common Stock (15000.0)	15000	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

Footnotes

F1: Balance increased by January 31, 2014 Dividend Reinvestment Plan award and April 30, 2014 award of 3.814 shares and 4.369 shares, respectively.

F2: Balance increased by January 31, 2014 Dividend Reinvestment Plan award and April 30, 2014 award of 4.072 shares and 4.665 shares, respectively.

F3: Balance increased by January 31, 2014 Dividend Reinvestment Plan award and April 30, 2014 award of 3.977 shares and 4.556 shares, respectively.

F4: The options vest 25% per year over four years from the date of grant.