B.F. Saul Real Estate Investment Trust Announces Extension of Exchange Offer of 7 1/2% Senior Secured Notes Due 2014 BETHESDA, Md., May 7 /PRNewswire-FirstCall/ -- B.F. Saul Real Estate Investment Trust announced today that it has extended the expiration date of its offer to exchange 7 1/2% Series B Senior Secured Notes due 2014 for outstanding 7 1/2% Senior Secured Notes due 2014. The expiration date, which was 5:00 p.m. EDT on May 7, 2004, has been extended to 5:00 p.m. EDT on May 14, 2004. As of 4:00 p.m. EDT on May 7, 2004, approximately $248.5 million in aggregate principal amount of the $250 million of 7 1/2% Senior Secured Notes due 2014 subject to the exchange offer had been tendered for exchange and received by the exchange agent. DATASOURCE: B.F. Saul Real Estate Investment Trust CONTACT: Henry Ravenel, Jr., Vice President of B.F. Saul Real Estate Investment Trust, +1-301-986-6207

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