SDI LIMITED — Director's Dealing 2005

May 15, 2005

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: SDI Limited
ABN: 27 008 075 581

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	Jeffery James Cheetham
Date of last notice	21 March 2003

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	Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to therelevant interest	Director of Currango Pastoral Company PtyLtd who has share ownership.
Date of change	13 May 2005
No. of securities held prior to change	50,288,940
Class	Ordinary
Number acquired	87,379
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details andestimated valuation	87,379 shares, $90,000.37
No. of securities held after change	50,376,319

+ See chapter 19 for defined terms.

Nature of changeExample: on-market trade, off-market trade, exercise of plan.options, issue of securities under dividend reinvestment plan,participation in buy-back	Issue of shares under dividend reinvestment
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	---------------------------------------------

Part 2 - Change of director's interests in contracts

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

+ See chapter 19 for defined terms.