CEDAR WOODS PROPERTIES LIMITED — Director's Dealing 2011

May 3, 2011

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4 May 2011

Company Announcements Office Australian Securities Exchange Limited 20 Bridge St Sydney NSW 2000 VIA ASX Online.

Dear Sir / Madam,

DIRECTOR’S INTEREST NOTICE

Please find attached a ‘Change of Director’s Interest Notice’ for Mr Paul Sadleir.

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 30/09/01 Amended 01/01/11

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.

	PAUL STEPHEN SADLEIR
Name of Director
Date of last notice	4 November 2010

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

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct or indirect interest	Direct	Direct	Direct
Nature of i(includingNote: Provideinterest.	ndirect interest	N/A
	registered holder)
	details of the circumstances giving rise to the relevant
Date of ch	ange	29 April 20	11
No. of securities held prior to change
		881,377
Class		ORDINARY
Number acquired		20,541 shares acquired under the Bonus SharePlan (BSP).
Number disposed		NIL
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation		Issue price of $4.72 under the BSP.
No. of securities held after change		901,918
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back		Shares issued under the BSP.

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

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 whichinterest related prior to changeNote: Details are only required for a contract in relationto which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/ConsiderationNote: If consideration is non-cash, provide details and anestimated valuation	N/A
Interest after change	N/A

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed abovetraded during a+closed period where prior written clearance wasrequired?	N/A
If so, was prior written clearance provided to allow the trade toproceed during this period?	N/A
If prior written clearance was provided, on what date was thisprovided?	N/A