RURAL FUNDS GROUP — Annual Report 2014

Aug 28, 2014

Rural Funds Group (ASX: RFF)

Financial results presentation year ended 30 June 2014

29 August 2014

Disclaimer

This presentation has been prepared by Rural Funds Management Limited (ACN 077 492 838, AFSL 226 701) ("RFM") as the responsible entity of Rural Funds Group (ARSN 112 951 578) ("RFF"). The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. Please note that, in providing this presentation, RFM has not considered the investment objectives, financial circumstances or particular needs of any particular recipients.

This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this presentation nor anything contained herein shall form the basis of any contract or commitment. In particular, this presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. This Presentation must not be released or distributed in the United States. Any securities described in this presentation have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities laws.

RFM has prepared this presentation based on information available to it at the time of preparation. No representation or warranty is made as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in this presentation or any other information that RFM otherwise provides. To the maximum extent permitted by law, RFM , their related bodies corporate and their officers, employees and advisers are not liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on this presentation or otherwise in connection with it.

This presentation includes "forward-looking statements". These forward-looking statements are based on current views, expectations and beliefs as at the date they are expressed. They involve known and unknown risks, uncertainties and other factors which could cause the actual results, performance or achievements of RFF to be materially different from those expressed or implied by the forward-looking statements. Accordingly, there can be no assurance or guarantee regarding these statements and you must not place undue reliance on these forward-looking statements. RFM and RFF disclaim any responsibility for the accuracy or completeness of any forward-looking statements.

RFM attendees

David Bryant Managing Director

Stuart Waight Chief Operating Officer

Melanie Doyle Chief Financial Officer

James Powell Investor Relations & Distribution Manager

1. Highlights and results summary

• 1. Forecasts
• 1. Strategy
• 1. Appendices

Highlights and results summary

	Merger then ASX listing
Achievements	Trading price of units up 23%
	Flow through tax status
	Net profit after income tax $20,126,000
	Net result in line with previous forecasts
Financial	Property values increased by $2.2m
	NAV increased from $1.01 to $1.17
Capital	New bank facilities with lower costs and greater flexibility
management	77% of term debt hedged
	Distributions to increase by 2.4%
Forecasts FY15	Adjusted FFO in line with previous forecast

Metrics as at 30 June 2014

Income
	Net profit after income tax	20,126,000
	Income tax benefit1	16,724,000
	Net profit before income tax	3,402,000
	Adjusted funds from operations (AFFO)	7,027,000
	AFFO per unit	6.00 cents
Portfolio
	Net asset value (NAV)	137,471,000
	NAVper unit	1.17
Balance sheet
	Total assets	241,233,000
	External borrowings	94,300,000
	Gearing	39.1%
Distributions	Declared at:
	October 2013	923,448
	December 2013	2,489,525
	March 2014	2,489,525
	June 2014	2,493,744
	Average CPU per distribution	2.13 cents

• Net result in line with forecast previously provided
• AFFO $7m
• Transformational period:
  • 195 days RFF
  • 170 days RiverBank
• Distributions exceed FFO due to transformational period
• Net profit before tax includes transaction costs associated with merger of $3.9m

Note:

1Comprised of deferred tax liability (DTL) write back announced on 28 May 2014 of $18,514,000, less full year tax expense for subsidiary AWF and tax expense booked in the first half of the year for RFF

RFF market price performance

Comparison of RFF to S&P/ASX 300 A-REIT index1

RFF market price movement from 14 February (listing date) to 30 June 2014

Sources:

• S&P/ASX 300 A-REIT index – au.spindices.com/indices/equity/sp-asx-300-a-reit-sector

• RFF closing prices – IRESS

Summarised income statement

	12 mthsended30 June 2014	12 mthsended30 June 2013
Property revenue	15,764,000	7,980,000
Almond harvest revenue	1,211,000	272,000
Revenue	16,975,000	8,252,000
Other income	347,000	32,000
Cost of goods sold	(1,093,000)	(225,000)
Property expenses and overheads	(2,785,000)	(2,561,000)
Management fees	(1,894,000)	(1,239,000)
Revaluations	5,200,000	13,748,000
Financing costs	(4,478,000)	(2,990,000)
Derivatives	(920,000)	588,000
Depreciation and impairments	(3,958,000)	(2,942,000)
Profit / (loss) on sale of assets	(45,000)	(45,000)
Merger related transactions	(3,947,000)	-
Profit / (loss) before tax	3,402,000	12,618,000
Tax expense	16,724,000	(3,977,000)
Profit / (loss) after tax	20,126,000	8,641,000

• FY14 was a transformational period
• FY13 RiverBank
• Results include merger related expenses of $3.9m pre tax
• RFF and acquired entities ceased any owner occupation of properties in current period and re-classified appropriate assets as investment property
• Results include the write-back of deferred tax liabilities previously reflected in the Statement of Financial Position of RFF and its subsidiary CIF
• Reconciliation to AFFO provided in slide 28

Composition of AFFO

	12 mthsended	12 mthsended
	30 June14	30 June 13
Property revenue	15,764,000	7,980,000
Direct property costs	(248,000)	(1,145,000)
Net property income	15,516,000	6,835,000
Other income	347,000	32,000
Almond income1	118,000	47,000
Fund overheads	(2,582,000)	(1,461,000)
Management fees	(1,894,000)	(1,239,000)
EBIT	11,505,000	4,214,000
Net interest	(4,478,000)	(2,990,000)
Adjusted funds from operations	7,027,000	1,224,000

• Adjusted FFO calculation excludes merger costs to represent FFO from RFF's property rental business
• Includes the results of the restructured business from merger date, including the contracted revenues and the reduced cost and management fee structure of the merged group
• Reconciliation to Net Profit After Tax provided in slide 28

Revaluation of property by segment

Property	Independentvaluation 2014($m)	Waterrights 2014($m)	Totalvaluation 2014($m)	Priorindependentvaluation1($m)	Change(%)
Almond and croppingproperty	70.6	22.0	92.6	90.0	2%
Poultryproperty and infrastructure	96.0	1.1	97.1	99.3	(2%)
Vineyards	37.0	0.5	37.5	34.9	7%
Total	203.6	23.6	227.2	225.0	1%

• RFF's properties were independently valued as at 30 June 2014
• Resulted in a movement in value of $2.2m in the Group's property portfolio to $227.2m. Movement is comprised of a revaluation increment of $2.8m net of $3.1m disposals and $2.5m property additions
• The devaluation in the poultry property and infrastructure assets is in line with expectations, reflecting their depreciating nature

Note:

1For the purposes of reconciliation to previous statutory accounts, the prior independent valuation includes water rights and for property additions during FY14 this relates to value at acquisition date

NAV reconciliation – 6 mths to 30 June 14

• The above chart depicts the NAV movements for the six month period ending 30 June 2014 to show the post merger period for RFF (derived from reviewed 31 December 2013 and audited 30 June 2014 Financial Statements)
• NAV per unit increased 16 cents during this period
• On 30 June 2014, RFF sold its plant and equipment used for almond farming and ceased active trading activities. From 1 July 2014 RFF is expected to be a flow through trust for tax purposes enabling the write back of deferred tax liabilities
• RFM is preparing unitholder resolutions to adopt a new constitution and create a stapled security structure

Debt metrics as at 30 June 2014

Term debt facility limit	$97.5m
Term debt drawn	$94.3m
Headroom	$3.2m
Loan to Value Ratio (LVR)1	42.8%
Debt Facility expiry	18 Dec 2018
Interest Cover Ratio (6 mthsto June 14)	3.16x
Hedging policy	>50%
Proportion hedged	77%
Weighted average hedge expiry	10 Jan 2018
Effectivehedge rate	3.44%
Effective cost of total debt (6 mthsto June 14)	5.31%

• $2 million per annum amortisation commencing 30 September 2016
• Key financial covenants:
  • LVR <50%
  • Interest Cover Ratio >2.25x
  • Permitted distributions at >2.5x
  • Net Tangible Assets >$100 million
• Security:
  • Real property mortgages
  • General security agreement
  • Cross guarantees between RFF and subsidiaries

Hedging instruments as at 30 June 2014

Note: 1LVR calculated as: facility limit / directly secured assets

Acquisition

• Contract for acquisition exchanged on 25 August 2014 for $5.2 million for the acquisition of a property, Tocabil, located near Hillston with land and water rights suitable for almond development
• Acquisition will initially be 100% debt funded. ANZ has provided approval
• RFM is seeking a commitment from a lessee for a development of approximately 600ha of almonds
• Property leased by RFM Farming since 2012 expiring 2015. Current owner is arms length third party
• RFM is confident that an almond lease will be entered into and RFM Farming will voluntarily terminate its lease in order to facilitate an almond development as soon as possible
• No management fee will be charged by RFM in relation to the acquisition and management of Tocabil. Fee will commence when almond lease is executed
• Acquisition is immediately FFO accretive

Tocabil – Hillston, NSW

Forecasts

Forecast adjusted funds from operations

	Forecast12 mthsended30 June15	Actual12 mthsended30 June14
Property revenue	21,739,000	15,764,000
Direct property costs	(764,000)	(248,000)
Net property income	20,975,000	15,516,000
Other income	734,000	347,000
Almond income	-	118,000
Fund overheads	(2,843,000)	(2,582,000)
Management fees	(2,475,000)	(1,894,000)
EBIT	16,391,000	11,505,000
Net interest	(5,600,000)	(4,478,000)
Adjusted funds from operations	10,791,000	7,027,000

• Assumes RFF and RF Active stapling occurs in October 2014
• Lease income and indexing is in accordance with contracts. FY15 indexed at a weighted average of 2.23%
• Direct property costs include property insurance, rates, repairs and maintenance. FY15 includes $0.406m in repairs and maintenance carried forward from FY14, and an allowance of $0.1m to investigate investment opportunities
• Other income includes distribution from StockBank and RFMP, and interest
• Fund overheads include fund administration, audit, investment management insurance, marketing costs and property valuation
• The average interest rate inclusive of bank margin is 4.9% p.a. based on hedged rates (77% hedged) and assuming a spot rate of 2.7% p.a.
• Forecast should be read in conjunction with sensitivity table in slide 31

Forecast total comprehensive income attributable to unitholders

	Forecast12 mthsended30 June15	Actual12 mthsended30 June14
Adjusted funds from operations	10,791,000	7,027,000
Revaluation of properties	1,009,000	5,200,000
Revaluation of derivatives	(12,000)	(920,000)
Depreciation and impairments	(365,000)	(3,958,000)
Transactions relating to the merger	-	(3,948,000)
Profit/(loss) before income tax	11,423,000	3,402,000
Income tax benefit/(expense)	(676,000)	16,724,000
Net profit after income tax	10,747,000	20,126,000
Other comprehensive income	-	193,000
Total comprehensive income attributable to
unitholders	10,747,000	20,319,000

• Revaluation properties assume:
  • ‒ almond and cropping assets: $2.9m or 3.0%
  • ‒ vines: $0.6m or 1.46%
  • ‒ poultry assets: ($2.3m) or (2.4%)
• Revaluation of derivatives assumes no change in interest yield curve
• Depreciation and impairments relate to plant and equipment leased to the RFM Almonds
• Distributions in line with previous forecast and will be paid on a quarterly basis
• Forecast should be read in conjunction with sensitivity table in slide 31

Comparison of metrics to previous FY15 forecast1

Highlights		Disclosure date12 Feb 14	Disclosure date29 Aug 14
	Units on issue ('000)	119,527	117,796
•Increase in forecast distributions per unit from8.4 cents to 8.6 cents	Comprehensive income centsper unit	7.6	9.1
•Forecast NAV up 18% on previous forecast to$1.17 reflecting the improvement in the FY14	FFO2 pre-tax ('000)	$11,153	$10,791
result	FFO2 cents per unit	9.3	9.2
•Increase in forecast earnings per unit from 7.6cents to 9.1 cents, largely attributable to RFF	12 mthsdistributions cents perunit (incfranking)	8.4	8.6
becoming a flow through trust from 1 July 2014	12 mthsdistributions cents perunit (excfranking)	7.2	8.6
	Payout ratio3	90.00%	93.77%
	Closing NAV per unit	$0.99	$1.17
	Gearing4	40.5%	40.8%
	Interestcover	3.02	3.24

• 1Forecast should be read in conjunction with sensitivity table in slide 31
• 2FFO lower due to investment activities and taxation (plus offsetting franking credits) on StockBank investment
• 3Calculated as distributions/FFO
• 4 Forecast gearing increase due to debt funded property acquisition

Strategy

Comparison

Weighted average lease expiry (WALE) FY15 forecast distribution yield

Premium/discount to NAV

• Gearing defined as interest bearing liabilities divided by total assets as per FY14 annual results

• NAV, WALE, forecast distributions as per FY14 annual reports
• Yields and premium/discount to NAV use 30 June 2014 closing share price (IRESS)

The challenge

• After more than 40 meetings with institutional investors, both current and prospective, we can report:
  • 1. Existing investors desire a higher market price
  • 1. Potential investors require greater liquidity

Increase the size of the fund

(Without diluting FFO)

Is bigger better?

Comparison of REITs

Comparison of REITs

Note:

• Turnover defined as volume traded in 2014 calendar year divided by units on issue and annualised

• The risks of expansion:

  • 1. Dilution of FFO
  • 1. Decrease in asset quality
  • 1. Decrease in tenant quality
  • 1. Increased leverage

• The benefits of scale:

  • 1. A higher price relative to NAV
  • 1. Greater liquidity
  • 1. Greater diversification
  • 1. Economies of scale lower operating costs

Our objectives are long term:

• 1. Increase net assets
• 1. Without diluting FFO
• 1. Increase distributions
• 1. Reduce leverage
• 1. Maintain asset quality while diversifying
• 1. Maintain tenant quality while diversifying
• 1. Lower operating costs per unit

"Great works are achieved not by strength but by perseverance."

• Samuel Johnson

Appendices

Reconciliation of net profit after tax to adjusted FFO

	12 mthsended30 June2014	12 mthsended30 June 2013
Net profit after tax	20,126,000	8,641,000
Adjusted for merger transaction	3,947,000	-
Net profit after tax adjusted for merger
transaction	24,073,000	8,641,000
Other non-cashitems:
Revaluations	(4,280,000)	(14,338,000)
Depreciation and impairment	3,958,000	2,944,000
Writeback of income tax expense	(16,724,000)	3,977,000
Adjusted FFO	7,027,000	1,224,000
Adjusted FFO per unit	6.00 cents	3.74 cents

• The most significant transaction for the Group during the year was the merger and listing, costs associated with this were $3.9m
• Adjusting NPAT for merger and listing costs delivers a result of $24.1m

The Group result was also affected by significant non-cash transactions including

• revaluations;
• depreciation and impairments; and
• write back of deferred tax liabilities

Summarised balance sheet

	As at	As at
	30 June2014	30 June 2013
Cash	2,723,000	182,000
Property investments	227,203,000	89,332,000
Inventory	-	987,000
Deferred tax assets	1,576,000	-
Other assets	9,731,000	6,196,000
Total assets	241,233,000	96,697,000
Interest bearing liabilities
-Current	-	5,288,000
-Non-current	94,300,000	33,692,000
Deferred tax liabilities	-	4,433,000
Other liabilities	9,462,000	5,719,000
Total liabilities	103,762,000	49,132,000
Net assets	137,471,000	47,565,000
Units on issue	117,099,159	32,733,121

• Merger increased assets by 154%
• NAV at 30 June 2014 $137.5m
• NAV per unit $1.17
• Properties revalued up by 1.3% at 30 June 2014
• Total interest bearing liabilities $94.3m
• Loan to Value Ratio 42.8%

Property investment reconciliation

	Investmentproperty	Biologicalassets	Intangibleassets	Property,plantand equipment	Total
Balance as at 30 June 2013	-	35,394,000	24,418,000	29,520,000	89,332,000
Transfer from property, plant and equipment	27,954,000	-	-	(27,954,000)	-
Acquisitions	116,735,000	15,854,000	1,549,000	-	134,138,000
Pre-merger plant and equipment additionsnet of disposals	-	-	-	1,530,000	1,530,000
Property investments post acquisitions	144,689,000	51,248,000	25,967,000	3,096,000	225,000,000
Additions	2,300,000	184,000	-	-	2,484,000
Depreciation	-	-	-	(449,000)	(449,000)
Post-merger disposals	(7,000)	-	-	(2,647,000)	(2,654,000)
Fair value adjustment	(8,874,000)	14,074,000	-	-	5,200,000
Impairment	-	-	(2,378,000)	-	(2,378,000)
Balance asat 30 June 2014	138,108,000	65,506,000	23,589,000	-	227,203,000

Sensitivity analysis of disclosure date 29 Aug 14 FY15 forecast

Item	Assumption	Change	Change in totalcomprehensiveincome	% change in totalcomprehensiveincome	Change infunds fromoperations	% change infunds fromoperations
Variable expenses	$3,241,328	5% increase in expenses	($162,066)	(1.5%)	($162,066)	(1.5%)
		5% decrease in expenses	$162,066	1.5%	$162,066	1.5%
Interest rate expense	No change in 30 day BBSY	0.5% increase in 30 day BBSY	($115,897)	(1.1%)	($115,897)	(1.1%)
		0.5% decrease in 30 day BBSY	$115,897	1.1%	$115,897	1.1%
Interest rate derivativemark to market	No change in yield curve	0.5% increase in yield curve	$1,145,323	10.7%	-	-
		0.5% decrease in yield curve	($1,187,217)	(11.0%)	-	-
Fair value of investment properties(almonds and vines)	Ending value $135.9m (2% gain)	additional 2% increment in value	$2,718,703	25.3%	-	-
		additional 2% decrement in value	($2,718,703)	(25.3%)	-	-

• Lease revenue based on contracted lease payments and indexing
• Each sensitivity assumes all other variables unchanged
• Due to the flow through tax status, the sensitivity analysis has not been tax effected
• The effect on distribution levels from any variation of actual results to assumptions will depend on the quantum and circumstances of the variation as it arises

Diversified assets and counterparts

Portfolio diversification by asset values

RFF portfolio highlights include:

• 27 properties
• 100% occupancy
• 13 year WALE (as at 30 June 2014)
• diversification by geographic region, commodity and counterparty

Tenant diversification by forecast FY15 revenue

Poultry infrastructure Almond orchards Vineyards

13 poultry farms consisting of 134 sheds located in Griffith, NSW and 20 sheds on 4 farms in Lethbridge, Vic. Aged between 5 and 28 years

Griffith assets are located within a 8km radius of the processing facility and contribute ~50% throughput. Limited additional development potential within similar proximity to processing facility

RFM has successfully managed chicken growing operations since 2003, now operated by RFP

Two almond orchards located near Hillston NSW of which 1,221 ha leased to SHV, 551 ha leased to RFM Almond Funds and 42 ha to RFM

Almond trees planted between 2006 and 2008 and orchards are now mature with minimal future capital expenditure required

RFM Almond Fund lessees were cash flow positive from 2013

Seven vineyards with 666 ha planted to vines leased to TWE. Principally located in the Barossa Valley (499 ha planted primarily to Shiraz) as well as Adelaide Hills, Coonawarra and Grampians.

Vineyards have historically contributed essential quantities of Icon, A and B grade fruit for key premium labels

Gross lease rate:	10.7%	Gross lease rate:	7.7%	Gross lease rate:	8.5%
WALE:	12.8 yrs	WALE:	14.6 yrs	WALE:	8.0 yrs
Indexation:	65% of CPIcapped at 2%	Indexation andmarket review:	2.5% p.aandmarket review (SHV)on 1 July 2016	Indexation andmarket review:	2.5% p.aandmarket reviewon 1 July 2017
Valuer:	CBRE Valuations PtyLimited	Valuer:	CBRE Valuations PtyLimited	Valuer:	Colliers InternationalConsultancy

RFF investment thesis

Observations:

• Academic research demonstrates that leasing assets provides capital management benefits and flexibility to lessees and is linked to higher company returns
• The combined value of Australian commercial real estate is $280 billion of which an average of 70% is leased
• Australian agricultural property represents $150 billion in investment grade assets (of which an estimated 4% are leased)
• Agricultural property leasing is common in mature agricultural markets such as the US and parts of Europe (approx. 40% of property)

Australian property sectors

Note: the heavily shaded portion denotes proportion of institutional ownership

• Conclusions:
  • Leasing agricultural property and assets to suitable companies provides a mutual benefit
  • The agricultural property leasing sector in Australia is under serviced
  • A REIT is a preferable structure for investors to gain exposure to the agricultural thematic (combination of asset ownership and low volatility yield)

External investment opportunities

RFF has identified a range of investment opportunities

• RFF will pursue acquisitions of additional assets to grow the quantum and diversity of its earnings
• The investment strategy is to invest across the full range of the asset continuum shown below, with the objective of ensuring the asset mix can continue to fund distributions consistent with current levels
  • Natural resource predominant assets that offer capital growth will be balanced by infrastructure predominant assets that generate higher initial yields

Spectrum of investment opportunities

Infrastructure predominant		Natural resources predominant
SteelConcreteCopperHigh density polyethylene (HDPE)	Irrigated infrstructure	WaterFencingImproved pastureSoil
Infra-Almondsstructureorchards andPoultryVineyardseg processingnon-premiumfarmsother treeor storagenuts	VineyardspremiumIrrigatedDairycroppinggeographicindication	WaterCroppingnon-irrigatedGrazingentitlements
High income 12%	7.5%	Low income 5%
Low growth -2%	2.5%	High growth 5%

Responsible entity relationship

RFM is one of the oldest and most experienced agricultural funds management organisations in Australia

• Rural Funds Management Limited (RFM) is an experienced fund and asset manager that specialises in Australian agriculture
• Established in 1997, RFM has historically operated as an external manager and is currently the responsible entity for 7 agricultural investment funds which as at 31 December 2013, had in excess of $300m of agricultural assets under management in New South Wales, South Australia, Victoria and Western Australia and a combined turnover of approximately $85m (FY15)
• RFM holds units in each of the listed funds that it manages
• RFM manages additional operational entities enabling RFF to benefit from shared services
• The RFM management team includes specialist fund managers, finance professionals, horticulturists, livestock managers, and agronomists. This team provides RFM with the specialised skills and experience required to manage the agricultural assets
• RFM employs 31 full time corporate staff (offices in Canberra, Sydney and Melbourne) and 18 farm staff
• RFM has a simple and transparent fee structure for managing and administering RFF:
  • Management Fee of 0.6% p.a. of gross asset value
  • Asset Management Fee equivalent to 0.45% p.a. expressed as a percentage of gross asset value
  • Reimbursement of all reasonable expenses; and
  • Constitution permits an acquisition fee equal to 2% of the total purchase price of an asset (under review)

RFM board and management team

RFF is externally managed and governed by a highly experienced management team and board

Board of directors

Guy Paynter

• Former director of broking firm JBWere with more than 30 years' experience in corporate finance
• Guy was former member of the ASX
• Agricultural interests include cattle breeding in the Upper Hunter region in New South Wales

Non-executive Chairman

Managing Director

• Established RFM in February 1997
• Responsible for leading the RFM Executive and sourcing and analysing new investment opportunities
• Responsible for over $300m in assets acquisitions across eight Australian agricultural regions, including negotiating the acquisition of more than 25 properties and over 60,000 megalitres of water entitlements

Michael Carroll Non-Executive Director

• Serves a range of food and agricultural businesses in a board and advisory capacity, including Queensland Sugar Ltd, Tassal Group Ltd, Select Harvests Ltd, Sunny Queen Ltd, Rural Finance Corporation of Victoria, and the Gardiner Dairy Foundation
• Senior executive experience in a range of companies, including establishing and leading NAB's Agribusiness division

Contact

Stuart Waight Chief Operating Officer

Andrea Lemmon Executive Manager, Funds Management

Tim Sheridan Senior Analyst

James Powell Investor Relations and Distribution Manager

• Joined RFM in 2003

• Joined at inception in 1997 • RFM company sectary

investors and advisers

• Responsible for reviewing and optimising the performance of the RFM funds, and analysing future developments, acquisitions, and investments
• Oversees the Asset Management activities, as well as the Farm Management activities of the National Manager of each of Poultry, Vines, Almonds, and Cotton

• Responsible for the development of new products, the continuous improvement of existing products, management of research activities, and the provision of services and communications to

• Joined RFM in 2008

• Responsible for the analysis of RFF financial performance, and the analysis of future development and investment opportunities
• Joined RFM in 2006
• Responsible for overseeing RFM's sales and distribution activities, development of key relationships required to increase the awareness of RFM's investment opportunities and part of the product development division

Corporate information

Rural Funds Management Pty Ltd

ACN 077 492 838 AFSL 226701

Canberra Office Level 2 2 King Street Canberra ACT 2600

Telephone: +61 2 6203 9700 Facsimile: +61 2 6281 5077 Website: www.ruralfunds.com.au

David Bryant Managing Director Rural Funds Management T 02 6203 9703 E DBryant@ruralfunds.com.au

Stuart Waight Chief Operating Officer Rural Funds Management T 0419 126 689 E SWaight@ruralfunds.com.au

For further information: For media enquiries: Investor relations enquiries:

James Powell Investor Relation and Distribution Manager Rural Funds Management T 0420 279 374 E JPowell@ruralfunds.com.au