SAUL CENTERS, INC. — Director's Dealing 2017

May 9, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2017-05-05

Reporting Person: NETTER CHRISTOPHER (Sr. Vice Pres.-Retail Leasing)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-05	Employee Stock Option	$59.41	A	20000	Acquired	2027-05-05	Common Stock (20000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1406.53	Indirect
Common Shares	545.17	Indirect
Common Shares	254.67	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$44.42	2023-05-10	Common Stock (12500.0)	12500	Direct
Employee Stock Option	$47.03	2024-05-09	Common Stock (20000.0)	20000	Direct
Employee Stock Option	$51.07	2025-05-08	Common Stock (20000.0)	20000	Direct
Employee Stock Option	$57.74	2026-05-06	Common Stock (20000.0)	20000	Direct

Footnotes

F1: Effective April 1, 2009, shares formerly held by the B.F. Saul Company Employees' Profit Sharing Reinvestment Trust were distributed to the individual 401(k) plan accounts of participants. The number of shares reported represents the reporting person's beneficial ownership interest in the Saul Centers stock fund of the 401(k) plan.

F2: Balance increased by April 28, 2017 Dividend Reinvestment Plan award of 4.620 shares.

F3: Balance increased by April 28, 2017 Dividend Reinvestment Plan award of 2.158 shares.

F4: Self-IRA

F5: The options vest 25% per year over four years from the date of grant.