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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-08	Stock Option	$51.07	A	20000	Acquired	2025-05-08	Common Shares (20000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1674.82	Indirect
Series C Preferred Stock	1000	Direct
Series C Preferred Stock	3000	Indirect
Common Shares	25802.92	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$54.17	2017-04-27	Common Stock (12332.0)	12332	Direct
Employee Stock Option	$41.82	2021-05-13	Common Stock (10010.0)	10010	Direct
Employee Stock Option	$39.29	2022-05-04	Common Stock (7500.0)	7500	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: Balance increased by January 31, 2015 Dividend Reinvestment Plan award and April 30, 2015 award of 11.502 shares and 14.070 shares, respectively.

F2: Balance increased by January 31, 2015 Dividend Reinvestment Plan award and April 30, 2015 award of 179.095 shares and 219.113 shares, respectively.

F3: The options vest 25% per year over four years from the date of grant.