Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Effective September 15, 2009, Joel A. Friedman was appointed Senior Vice President and Chief Accounting Officer of Saul Centers, Inc. (the "Company"). Mr. Friedman replaces Kenneth D. Shoop in such position.

Mr. Friedman, 51, served in a variety of accounting positions at Chevy Chase Bank, F.S.B., a federally chartered savings bank, from June 1983 to July 2009, at which time he served as Senior Vice President and Controller, the bank's chief accounting officer. Until its acquisition by Capital One Financial Corporation in February 2009, Chevy Chase Bank, F.S.B. was owned by entities controlled by the Company's Chairman and Chief Executive Officer, B. Francis Saul II.

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