PORTFOLIO PORTFOLIO PROPERTIES 11 Gross Leasable Property/Location Square Feet Shopping Centers Ashburn Village Ashburn, VA 211,327 Beacon Center Alexandria, VA 352,915 Belvedere Baltimore, MD 54,941 Boca Valley Plaza Boca Raton, FL 121,269 Boulevard Fairfax, VA 56,350 Briggs Chaney Plaza Silver Spring, MD 197,486 Broadlands Village Loudoun County, VA 107,286 Broadlands Village II Loudoun County, VA 30,193 Clarendon Arlington, VA 11,808 Countryside Loudoun County, VA 141,696 Cruse MarketPlace Forsyth County, GA 78,686 Flagship Center Rockville, MD 21,500 French Market Oklahoma City, OK 244,724 Germantown Germantown, MD 27,241 Giant Baltimore, MD 70,040 The Glen Lake Ridge, VA 112,229 Great Eastern District Heights, MD 254,448 Hampshire Langley Takoma Park, MD 131,700 Kentlands Square Gaithersburg, MD 114,381 Leesburg Pike Baileys Crossroads, VA 97,752 Lexington Mall Lexington, KY 314,535 Lumberton Plaza Lumberton, NJ 193,044 Shops at Monocacy Frederick, MD 107,000 Gross Leasable Property/Location Square Feet Olde Forte Village Ft. Washington, MD 143,062 Olney Olney, MD 53,765 Ravenwood Baltimore, MD 85,958 Seven Corners Falls Church, VA 560,998 Shops at Fairfax Fairfax, VA 68,743 Southdale Glen Burnie, MD 484,115 Southside Plaza Richmond, VA 347,651 South Dekalb Plaza Atlanta, GA 163,418 Thruway Winston-Salem, NC 352,355 Village Center Centreville, VA 143,109 West Park Oklahoma City, OK 76,610 White Oak Silver Spring, MD 480,156 Total Shopping Centers 6,012,491 Office Properties Avenel Business Park Gaithersburg, MD 390,479 Crosstown Business Center Tulsa, OK 197,135 601 Pennsylvania Ave Washington, DC 226,604 Van Ness Square Washington, DC 156,493 Washington Square Alexandria, VA 234,775 Total Office Properties 1,205,486 Total Portfolio  7,217,977 (as of December 31, 2004) Additional development parcels include Broadlands Village III, Kentlands Place (41,300 square foot retail/office building under construction), Clarendon Center, Lansdowne, and Ashland Square. As of December 31, 2004, Saul Centers’ portfolio properties were located in Virginia, Maryland, Washington, DC, North Carolina, Oklahoma, New Jersey, Georgia, Florida and Kentucky. In March 2005, a property in Altamonte Springs, Florida was added to the portfolio. Properties in the metropolitan Washington, DC/Baltimore area represent 70% of the portfolio’s gross leasable area.