SAUL CENTERS, INC. — Director's Dealing 2015

May 12, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2015-05-08

Reporting Person: Lansdale James Page (Exec. VP - Real Estate)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-08	Common Shares	A	200	$51.07	Acquired	200	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-08	Employee Stock Option	$51.07	A	30000	Acquired	2025-05-08	Common Shares (30000.0)	Direct
2015-05-08	Employee Stock Option	$51.07	A	2500	Acquired	2025-05-08	Common Stock (2500.0)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$39.29	2022-05-04	Common Stock (2500.0)	2500	Direct
Employee Stock Option	$44.42	2023-05-10	Common Stock (30000.0)	30000	Direct
Employee Stock Option	$47.03	2024-05-09	Common Stock (30000.0)	30000	Direct

Footnotes

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