SAUL CENTERS, INC. 3,500,000 Depositary Shares Each Representing 1/100th of a Share of 8% Series A Cumulative Redeemable Preferred Stock Liquidation Preference Equivalent to $25.00 Per Depositary Share UNDERWRITING AGREEMENTUnderwriting Agreement • October 31st, 2003 • Saul Centers Inc • Real estate investment trusts • Virginia
Saul Centers, Inc., a real estate investment trust (“REIT”) and a corporation organized under the laws of the State of Maryland (the “Company”), confirms its agreement with each of the Underwriters listed on Schedule I hereto (collectively, the “Underwriters”), for whom Friedman, Billings, Ramsey & Co., Inc. and Ferris, Baker Watts, Incorporated are acting as representatives (in such capacity, the “Representatives”), with respect to (i) the sale by the Company of 3,500,000 Depositary Shares (the “Initial Shares”), each representing 1/100th of a share of 8% Series A Cumulative Redeemable Preferred Stock (liquidation preference equivalent to $25.00 per Depositary Share), par value $0.01 per share (the “Preferred Stock”), and the purchase by the Underwriters, acting severally and not jointly, of the respective number of Depositary Shares set forth opposite the names of the Underwriters in Schedule I hereto, and (ii) the grant of the option described in Section 1(b) hereof to purchase all
