CEDAR WOODS PROPERTIES LIMITED — Major Shareholding Notification 2012

Aug 23, 2012

FORM 604 Corporations Act 2001 Section 671B

NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

To: Company Name/Scheme CWP - Cedar Woods Properties Limited ACN/ARSN 009 259 081 1. Details of Substantial Holder(1) Name Acorn Capital Limited ACN/ARSN (if applicable) 082 694 531 There was a change in the interests of the 23/08/2012 substantial holder on The previous notice was given to the company on 23/07/2012 The previous notice was dated 23/07/2012

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of Securities (4)	Previous notice	Previous notice	Present Notice	Present Notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary	7,214,483	9.99%	6,256,749	8.67%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of Change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
23-Jul-2012 to 23-Aug-2012	Acorn Capital Limited	Sold	($3,517,600.38)	957,734	957,734

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4. Present relevant interests

Particulars of each relevant interests of the substantial holder in voting securities after the change are as follows:

Holder of Relevant Interest	Registered Holder of Securities	Person Entitled to be Registered as	Nature of relevant interest	Class and Number of Securities	Person's Votes
Catholic Superannuation Fund	National Nominees			200,716	200,716
Microcap Investment Trust 1	National Nominees			238,122	238,122
LUCRF Acorn Micro-Cap Equities	JP Morgan Chase			279,414	279,414
Auscoal Superannuation Fund	JP Morgan Chase			296,035	296,035
Queensland Local Government Superannuation	JP Morgan Chase			316,644	316,644
Commonwealth Super Corporation	National Nominees			362,805	362,805
Commonwealth Bank Officers' Superannuation Fund	Citicorp Nominees			499,668	499,668
Health Super	JP Morgan Chase			555,876	555,876
Microcap Investment Trust 2	National Nominees			754,888	754,888
Sunsuper Fund	National Nominees			768,333	768,333
Acorn Capital Microcap Trust	National Nominees			809,925	809,925
UniSuper	National Nominees			1,174,323	1,174,323

5. Changes in Associates

The persons who have become associates (2) of, ceased to be associates, or have change the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Name of Association

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
All Relevant Holders	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000

Print Name PAUL PALUMBO Capacity Portfolio Manager 24/08/2012 Sign Here Date

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