CWP: Ceasing to be a substantial holder from WBC

To Company Name/Scheme CEDAR WOODS PROPERTIES LIMITED (CWP)

ACN/ARSN ACN 009 259 081

1. Details of substantial holder(1)

   Name WESTPAC BANKING CORPORATION (WBC) and its associated entities listed

   in Annexure 'B '

   ACN/ARSN (if applicable) ACN 007 457 141

   The holder ceased to be a

   substantial holder on 26/05/2017

   The previous notice was given to the company on 07/03/2016

   The previous notice was dated 03/03/2016

2. Changes in relevant interests

   Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) 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 (4)	Consideration given in relation to change (5)	Class (6) and number of securities affected	Person's votes affected
   26/05/2017	WBC & its Associates, Asgard Capital Management Limited, BT Funds Management Limited, BT Funds Management No. 2 Limited, Westpac RE Limited	See Annexure 'A'	See Annexure 'A'	See Annexure 'A'	See Annexure 'A'

3. Changes in association

   The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to the voting interests of the company or scheme are as follows:

   Name and ACN/ARSN (if applicable)	Nature of association

4. Addresses

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

Print name Tim Hartin Capacity Company Secretary

Sign here Date 30/05/2017

1. If there are a number of substantial holders with similar or related relevant interests (e.g. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 4 of the form.

2. See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

3. See the definition of "associate" in section 9 of the Corporations Act 2001.

4. Include details of:

5. any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

6. any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

   See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

7. Details of the consideration must include any and all benefits, money and other that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

8. The voting shares of a company constitute one class unless divided into separate classes.

9. Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

ANNEXURE A

This is annexure 'A' referred to in Form 605, Notice of ceasing to be a substantial holder, lodged for Westpac Banking Corporation ACN 007 457 141 and its associated entities

Tim Hartin - Company Secretary, Westpac Banking Corporation - 30/05/2017

Sales & Purchases for the period : 4/03/2016 to 26/05/2017
SECURITY: CWP
BT Funds Management Limited
Date	Registered Company	Nature of Change	Quantity	Consideration	Class of Securities	Person's votes affected
25/05/2016	Asgard Capital Management Limited	Buy	5,411	25,161.15	Ordinary	5,411
3/04/2017	Asgard Capital Management Limited	Sell	-5,411	-29,868.72	Ordinary	5,411
Total	0	-4,707.57
Date	Registered Company	Nature of Change	Quantity	Consideration	Class of Securities	Person's votes affected
23/03/2016	BT Portfolio Services Limited	Buy	725	3,342.25	Ordinary	725
6/04/2016	BT Portfolio Services Limited	Buy	4,599	20,324.82	Ordinary	4,599
5/05/2016	BT Portfolio Services Limited	Buy	4,685	20,182.04	Ordinary	4,685
29/07/2016	BT Portfolio Services Limited	Buy	5,000	23,186.50	Ordinary	5,000
5/08/2016	BT Portfolio Services Limited	Buy	900	4,239.00	Ordinary	900
19/08/2016	BT Portfolio Services Limited	Buy	1,000	5,140.00	Ordinary	1,000
19/08/2016	BT Portfolio Services Limited	Buy	500	2,570.00	Ordinary	500
19/08/2016	BT Portfolio Services Limited	Sell	-1,000	-5,140.00	Ordinary	1,000
19/08/2016	BT Portfolio Services Limited	Buy	1,000	5,150.00	Ordinary	1,000
19/08/2016	BT Portfolio Services Limited	Sell	-500	-2,570.00	Ordinary	500
19/08/2016	BT Portfolio Services Limited	Buy	500	2,575.00	Ordinary	500
23/08/2016	BT Portfolio Services Limited	Buy	5,000	25,236.50	Ordinary	5,000
31/08/2016	BT Portfolio Services Limited	Sell	-520	-2,657.25	Ordinary	520
2/09/2016	BT Portfolio Services Limited	Sell	-724	-3,619.86	Ordinary	724
5/09/2016	BT Portfolio Services Limited	Sell	-2,656	-13,412.80	Ordinary	2,656
7/09/2016	BT Portfolio Services Limited	Buy	3,992	20,016.29	Ordinary	3,992
15/09/2016	BT Portfolio Services Limited	Sell	-6,097	-30,402.08	Ordinary	6,097
16/09/2016	BT Portfolio Services Limited	Sell	-3	-15.12	Ordinary	3
16/09/2016	BT Portfolio Services Limited	Buy	3	15.12	Ordinary	3
16/09/2016	BT Portfolio Services Limited	Sell	-3	-15.12	Ordinary	3
20/09/2016	BT Portfolio Services Limited	Buy	6	65.98	Ordinary	6
21/09/2016	BT Portfolio Services Limited	Buy	1,482	7,321.08	Ordinary	1,482
22/09/2016	BT Portfolio Services Limited	Buy	4,012	19,819.28	Ordinary	4,012
26/09/2016	BT Portfolio Services Limited	Buy	600	2,955.36	Ordinary	600
26/09/2016	BT Portfolio Services Limited	Buy	2,898	13,881.42	Ordinary	2,898
26/09/2016	BT Portfolio Services Limited	Buy	2,898	14,200.20	Ordinary	2,898
26/09/2016	BT Portfolio Services Limited	Sell	-2,898	-13,881.42	Ordinary	2,898
4/11/2016	BT Portfolio Services Limited	Buy	1,000	4,540.00	Ordinary	1,000
4/11/2016	BT Portfolio Services Limited	Buy	1,198	5,438.92	Ordinary	1,198
16/11/2016	BT Portfolio Services Limited	Buy	295	1,460.25	Ordinary	295
16/11/2016	BT Portfolio Services Limited	Buy	1,230	6,088.50	Ordinary	1,230