RURAL FUNDS GROUP — Director's Dealing 2021

Jul 27, 2021

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	3 May 2021

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	Direct and indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Michael Carroll –18,490unitsMudgegongaPtyLtd -225,912units
Date of change	22 July2021
No. of securities held prior to change	218,402units
Class	Ordinary units
Number acquired	26,000
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$2.47per unit
No. of securities held after change	244,402units

+ 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
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------	----------------------------------------------------

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.

Detailof contract
Nature ofinterest
Name of registeredholder(if issuedsecurities)
Date of change
No. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changed
Interestacquired
Interest disposed
Value/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuation
Interest after change

Part 3 – +Closed period

Weretheinterests in the securities or contracts detailed	No
during a +closed periodabove tradedwhere prior written
clearance was required?
If so, was prior written clearance provided to allow the trade	-
to proceed during this period?
If prior writtenclearance was provided, on what date was this	-
provided?

+ See chapter 19 for defined terms.