CEDAR WOODS PROPERTIES LIMITED — Director's Dealing 2008

Sep 17, 2008

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18 September 2008

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

Dear Sir / Madam,

DIRECTOR’S INTEREST NOTICE

Please find attached a ‘Change of Director’s Interest Notice’ for Mr Robert Brown.

Yours faithfully,

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Paul Freedman

Company Secretary

Rule 3.19A.2

Appendix 3Y

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.

Name of Director	ROBERT BROWN
Date of last notice	10 July 2008

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	Shares held by director related
(including registered holder)	companies.
Note: Provide details of the circumstancesgivingrise to the relevant interest.
Date of change	17 September 2008
No. of securities held prior to change	Direct 3,000
	Indirect 10,234,744
Class	ORDINARY
Number acquired	NIL
Number disposed	300,000
Value/Consideration	$ 2.40 per share
Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change	Direct 3,000
	Indirect 9,934,744
Nature of change
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment	Off-market trade.
plan, participation in buy-back

Part 2 – Change of director’s interests in contracts

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