BFS · Saul Centers, Inc.

New phantom shares are issuable pursuant to the Issuers Deferred Compensation Plan for Directors, as amended and restated effective May 17, 2024 (the Deferred Compensation Plan), under its 2024 Stock Incentive Plan. Phantom shares issued prior to May 17, 2024, continue to be subject to the terms of the Issuers deferred compensation plan for directors in effect prior to the amendment and restatement of the Deferred Compensation Plan.

The conversion of phantom shares issued on or after May 17, 2024, into shares of the Issuers common stock is governed pursuant to terms of the Issuers Deferred Compensation Plan under its 2024 Stock Plan and the reporting persons Deferred Fee Agreement. The conversion of phantom shares issued prior to May 17, 2024, into shares of the Issuers common stock is governed pursuant to the terms of the Issuers deferred compensation plan for directors in effect prior to the amendment and restatement of the Deferred Compensation Plan and the reporting persons Deferred Fee Agreement.

Includes 33.3049 shares awarded April 30, 2026 as dividend reinvestments on shares of phantom stock held by the reporting person pursuant to the Deferred Compensation Plan.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 17, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 17, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 17, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 17, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 17, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 17, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 17, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 17, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 17, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 17, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 17, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 9, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 9, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 9, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 9, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 9, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 9, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 9, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 9, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 9, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 9, 2026.

Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 9, 2026.

The performance share award provides for the grant of restricted shares of Common Stock on each of the five anniversaries of May 8, 2026 in equal annual installments. The number of restricted shares of such grant that vest, if any, is (i) subject to cliff-vesting on May 8, 2031, and (2) achievement of performance criteria relating to the Companys target Funds from Operations available to common stockholders and noncontrolling interests (FFO) measured against an FFO amount included in the budget established by the Board of Directors annually prior to the start of such calendar year.

Represents restricted shares of Common Stock. Such shares vest on the first five anniversaries of May 8, 2026 in equal annual installments, assuming continued employment.

Represents restricted shares of Common Stock. Such shares vest on the first three anniversaries of May 8, 2026 in equal annual installments, assuming continued service.

Represents restricted shares of Common Stock. Such shares vest on the first five anniversaries of May 8, 2026 in equal annual installments, assuming continued employment.