RURAL FUNDS GROUP — Director's Dealing 2023

Oct 19, 2023

Appendix 3Y Change of Director’s Interest Notice

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.

We (the entity) give ASX the followingthe director for the purposes of section	information under listing rule 3.19A.2 and as agent for205G of the Corporations Act.
Name of Director	Leslie Guy Julian Paynter
Date of last notice	28 July 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.

==> picture [434 x 275] intentionally omitted <==

----- Start of picture text ----- Direct or indirect interest indirectNature of indirect interest Boskenna Pty Ltd – 1,353,044 units;(including registered holder) Australian Pioneer Pty Ltd - 691,666 unitsNote: Provide details of the circumstances giving rise to the relevantinterest.Date of change 17 – 18 October 2023No. of securities held prior to change 1,744, 710Class Ordinary unitsNumber acquired 300,000Number disposed NilValue/Consideration $1.8352 per unitNote: If consideration is non-cash, provide details and estimatedvaluationNo. of securities held after change 2,044,710 units----- End of picture text -----

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Nature of change On-market trade Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

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 in relation to which the interest has changed Interest acquired Interest disposed

Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailedabove traded during a+closed period where prior writtenclearance was required?	No
If so, was prior written clearance provided to allow the tradeto proceed during this period?	-
If prior written clearance was provided, on what date was thisprovided?	-

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011