CEDAR WOODS PROPERTIES LIMITED — Director's Dealing 2007

May 2, 2007

CEDAR WOODS PROPERTIES LIMITED ABN 47 009 259 081

Level 4, Zurich House, 66 Kings Park Road, West Perth Western Australia 6005 P.O. Box 788 West Perth 6872

Telephone: (08) 9480 1500 Facsimile: (08) 9480 1599

www.cedarwoods.com.au email@cedarwoods.com.au

3 May 2007

Australian Stock Exchange Limited Exchange Centre, Level 4, 20 Bridge Street Sydney NSW 2000.

Dear Sir / Madam,

AMENDED DIRECTOR'S INTEREST NOTICE

Please find attached an amended 'Change of Director's Interest Notice' for Mr. William Hames.

Yours faithfully,

Paul Treed

Paul Freedman, Company Secretary

Appendix 3Y

Rule 3.19A.2

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity CEDAR WOODS PROPERTIES LIMITED ABN 47 009 259 081

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

l Name of Director.	WILLIAM G HAMES
Date of last notice	28 April 2006

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Direct or indirect interest	Direct and indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Shares held by director related entities.
Date of change	20 April 2007
No. of securities held prior to change	258,758 shares held directly. 7,323,820 shares held indirectly.
Class	ORDINARY
Number acquired	69.989
Number disposed	NIL
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$4.91 per share
No. of securities held after change	258,758 held directly. 7,393,809 held indirectly
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Shares acquired under dividend reinvestment plan

⁺ See chapter 19 for defined terms.

Part 2 - Change of director's interests in contracts

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
Date of change	N/A
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	N/A
Interest after change	N/A

$+$ See chapter 19 for defined terms.