RURAL FUNDS GROUP — Director's Dealing 2023

Aug 2, 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.

Name of Director	Michael Carroll
Date of last notice	5 May 2023

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.

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Direct or indirect interest Direct and indirect
Nature of indirect interest Michael Carroll – 20,576 units
(including registered holder) Mudgegonga Pty Ltd
Note: Provide details of the circumstances giving rise to the relevant interest. - 251,392 units
Date of change 31 July 2023
No. of securities held prior to change 267, 408 units
Class Ordinary units
Number acquired 4,560
Number disposed Nil
Value/Consideration $1.72 per unit
Note: If consideration is non-cash, provide details and estimated
valuation
No. of securities held after change 271,968 units
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• See chapter 19 for defined terms.

01/01/2011

Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Nature of change Units issued under the Distribution Example: on-market trade, off-market trade, exercise of options, issue Reinvestment Plan of securities under dividend reinvestment plan, participation in buyback

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

Were the interests in the securities or contracts detailed No above traded during a[+] closed period where 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.

Appendix 3Y Page 2

01/01/2011