CEDAR WOODS PROPERTIES LIMITED — Director's Dealing 2012

May 1, 2012

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2 May 2012

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 sincerely

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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.

Name of Director	PAUL STEPHEN SADLEIR
Date of last notice	4 November 2011

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
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.		N/A
Date of change		30 April 2012
No. of securities held prior to change		932,930
Class		ORDINARY
Numb	er acquired	29,746 shares acquired under the Bonus SharePlan (BSP).
Numb	er disposed	NIL
Value/Note: If
	Considerationconsideration is non-cash, provide details and estimated valuation	Issue price of $3.45 per share under the BSP.
No. of
	securities held after change	962,676
NatureExamplesecuritie	of change: on-market trade, off-market trade, exercise of options, issue of	Shares issued under the BSP.
	s under dividend reinvestment plan, participation in buy-back

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.

	– Change of director’s interests in contractsthe 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.l of contractN/Ae of interestN/Ae of registered holderued securities)N/Aof changeN/And class of securities to which N/A	– Change of director’s interests in contractsthe 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.l of contractN/Ae of interestN/Ae of registered holderued securities)N/Aof changeN/And class of securities to which N/A
Detai	l of contract	N/A
Natur	e of interest	N/A
Nam(if iss	e of registered holderued 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	nd class of securities to which	N/A
Interest acquired		N/A
Interest disposed		N/A
	s spose
ValueNote: Iestimat	/Considerationf consideration is non-cash, provide details and aned valuation	N/A
Inter	est after change	N/A

Part 3 –[+] Closed period

Weretraderequi	the interests in the securities or contracts detailed aboved during a+closed period where prior written clearance wasred?	N/A
If so,proc	was prior written clearance provided to allow the trade toeed during this period?	N/A
If priprovi	or written clearance was provided, on what date was thisded?	N/A