53 DIVIDENDS DIVIDEND REINVESTMENT PLAN Saul Centers, Inc. offers a dividend reinvestment plan which enables its shareholders to automatically invest some of or all dividends in additional shares. The plan provides shareholders with a convenient and cost-free way to increase their investment in Saul Centers. Shares purchased under the dividend reinvestment plan are issued at a 3% discount from the closing price of the stock on the dividend payment date. The Plan’s prospectus is available for review in the Shareholders Information section of the Company’s web site. To receive more information please call the plan administrator at (800) 509-5586 and request to speak with a service representative or write: Continental Stock Transfer & Trust Company Attention: Saul Centers, Inc. Dividend Reinvestment Plan 17 Battery Place New York, NY 10004 COMMON STOCK PRICES Period Share Price High Low  Fourth Quarter, 2004 $39.25 $31.84 Third Quarter, 2004 $33.25 $28.83 Second Quarter, 2004 $32.41 $24.70 First Quarter, 2004 $30.55 $27.30 Fourth Quarter, 2003 $29.04 $26.62 Third Quarter, 2003 $27.95 $25.75 Second Quarter, 2003 $26.55 $23.59 First Quarter, 2003 $24.10 $21.97 On March 11, 2005, the closing price was $32.82 There were approximately 390 holders of record as of that date.