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## Saul Centers, Inc. 

is a self-managed, self-administered equity real estate investment trust headquartered in Bethesda, Maryland. After the March 2005 acquisition of Palm Springs Center, Saul Centers operates and manages a real estate portfolio of 41 community and neighborhood shopping centers and office properties totaling approximately 7.3 million square feet of leasable area. Over 83% of our cash flow is generated from properties in the metropolitan Washington, DC/Baltimore area. 

Saul Centers’ primary operating strategy is to focus on continuing its program of internal growth, renovations, and expansions of community and neighborhood shopping centers, which primarily service the day-to-day necessities and services sub-sector of the overall retail market. The Company plans to supplement its growth through effective development of new office and retail properties and acquisitions of operating properties as appropriate opportunities arise. 

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## PORTFOLIO COMPOSITION Based on 2004 Operating Income 

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