RURAL FUNDS GROUP — Director's Dealing 2017

Jun 21, 2017

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
Rural Funds Trust and RF Active a stapled entity trading as Rural Funds Group
(ASX: RFF)
ABN
RFM 65 077 492 838; Rural Funds Trust 58 916 212 858; RF Active 18 611 617 622

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	Michael Carroll
Date of last notice	28/04/17

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	indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Mudgegonga Pty Ltd 15,864 units
Date of change	22 June 2017
No. of securities held prior to change	Nil
Class	Ordinary units
Number acquired	3,525
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$1.70
No. of securities held after change	19,389 units

+ See chapter 19 for defined terms.

Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy-back	Units issued under the Retail EntitlementOffer
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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.

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 change
Note: Details are only required for a contract inrelation to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration
Note: If consideration is non-cash, provide detailsand an estimated valuation
Interest after change

Part 3 – +Closed period

Were the interests in the securities or contracts detailed	No
above traded during a +closed periodwhere prior written
clearance was required?
If so, was prior written clearance provided to allow the trade	-
to proceed during this period?
If prior written clearance was provided, on what date was this	-
provided?

+ See chapter 19 for defined terms.