CEDAR WOODS PROPERTIES LIMITED — Director's Dealing 2008

Mar 19, 2008

20 March 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 William Hames.

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	WILLIAM G HAMES
Date of last notice	23 October 2007

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 circumstancesgivingrise to the relevant interest.	Shares held by director relatedcompanies.
Date of change	14 March 2008 - 18 March 2008
No. of securities held prior to change	248,065 held directly.7,510,672 held indirectly
Class	ORDINARY
Number acquired	6,000
Number disposed	NIL
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	$3.50 per share
No. of securities held after change	248,065 held directly.7,516,672 held indirectly
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestmentplan, participation in buy-back	On-market trade.

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