Saul Centers Inc. Watch

from 10-K 25 pages Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934

from 8-A12B 2 pages Additional Abbreviations May Also Be Used Though Not in the Above List

from 8-A12B 30 pages Deposit Agreement

from 8-A12B 2 pages Fully Paid and Non-Assessable Shares of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01, Of

from 8-A12B 30 pages Deposit Agreement

from 8-K 3 pages First Amendment to Deposit Agreement

from 8-A12B 2 pages Additional Abbreviations May Also Be Used Though Not in the Above List

from 8-A12B 30 pages Deposit Agreement

from 8-K 28 pages Deposit Agreement

from 8-A12B 2 pages Number Incorporated Under the Laws of the State of Maryland Shares 9% Series B Cumulative Redeemable Preferred Stock 9% Series B Cumulative Redeemable Preferred Stock Cusip 804395 50 7 Subject to Transfer Restrictions - See Legend on Reverse – See Reverse for Certain Definitions Saul Centers, Inc. This Certifies That Specimen Is the Owner of Fully Paid and Non-Assessable Shares of 9% Series B Cumulative Redeemable Preferred Stock, Par Value $.01, of Saul Centers, Inc., Transferable on the Books of the Corporation by the Holder Hereof in Person, or by Duly Authorized Attorney Upon Surrender of the Certificate Properly Endorsed. This Certificate Is Not Valid Unless Countersigned and Registered by the Transfer Agent and Registrar. Witness the Seal of the Corporation and the Signatures of the Duly Authorized Officers. Dated: March 27, 2008 Countersigned and Registered: Continental Stock Transfer & Trust Company (Jersey City, Nj) Transfer Agent and Registrar President Secretary Authorized Signature © 1999 Corpex Banknote Co., Bay Shore N.Y

from 8-A12B 28 pages Deposit Agreement

from 8-A12B 26 pages Deposit Agreement

from S-3/A ~50 pages Form of Deposit Agreement

from S-3 ~1 page Indenture or similar