RURAL FUNDS GROUP — Director's Dealing 2024

Jul 31, 2024

Appendix 3Y

Rule 3.19A.2

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	2 May 2024

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	Michael Carroll – 21,808 units
(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Mudgegonga Pty Ltd - 266,451 units
Date of change	31 July 2024
No. of securities held prior to change	284,094 units
Class	Ordinary units
Number acquired	4,165
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$2.00 per unit
No. of securities held after change	288,259 units

+ See chapter 19 for defined terms.

Nature of changeExample: on-market trade, off-market trade, exercise of options, issueof securities under dividend reinvestment plan, participation in buyback	Units issued under the DistributionReinvestment Plan
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------	----------------------------------------------------------

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 changeNote: 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 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.