SAUL CENTERS, INC. — Director's Dealing 2016

May 10, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2016-05-06

Reporting Person: Sullivan Mark III (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-06	Common Shares	A	200	$57.74	Acquired	3000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-06	Stock Option	$57.74	A	2500	Acquired	2026-05-06	Common Stock (2500.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	800	Indirect
Common Shares	1463.092	Direct
Common Shares	8510.323	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$32.68	2019-04-24	Common Stock (2500.0)	2500	Direct
Stock Option	$38.76	2020-05-07	Common Stock (2500.0)	2500	Direct
Stock Option	$41.82	2021-05-13	Common Stock (2500.0)	2500	Direct
Stock Option	$39.29	2022-05-04	Common Stock (2500.0)	2500	Direct
Stock Option	$44.42	2023-05-10	Common Stock (2500.0)	2500	Direct
Stock Option	$47.03	2024-05-09	Common Stock (2500.0)	2500	Direct
Stock Option	$51.07	2025-05-08	Common Stock (2500.0)	2500	Direct

Footnotes

F1: Mr. Sullivan is co-trustee of the trust. The beneficiaries of the trust are his brother and his brother's children. Mr. Sullivan disclaims any beneficial ownership in the shares held by the trust.

F2: SEP IRA

F3: IRA

F4: Self-Direct