0001193125-08-139351 Sample Contracts

SAUL CENTERS, INC. 1,350,000 Shares of Common Stock (Par Value $0.01 Per Share) UNDERWRITING AGREEMENT
Underwriting Agreement • June 25th, 2008 • Saul Centers Inc • Real estate investment trusts • New York

As the Representative, you have advised the Company (a) that you are authorized to enter into this underwriting agreement (the “Agreement”) on behalf of the several Underwriters, and (b) that the several Underwriters are willing, acting severally and not jointly, to purchase the number of Shares set forth opposite their names in Schedule I.

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