RURAL FUNDS GROUP — Interim / Quarterly Report 2021

Feb 17, 2021

APPENDIX 4D

Half year report

Name of entity:

Rural Funds Group

ARSN: Rural Funds Group comprising Rural Funds Trust (ARSN 112 951 578) RF Active (ARSN 168 740 805)

For the half year ended: 31 December 2020 Corresponding period: 31 December 2019

Results for announcement to the market

Results for announcement to the market
	$’000	Up/Down	% movement
Revenues from ordinary activities from continuingoperations	33,916	Up	5%
Profit after income tax for the half year from continuingoperations	58,425	Up	117%
Total comprehensive income attributable to unitholdersfor the half year from continuing operations	58,425	Up	112%
	Amount persecurity(cents)	Frankedamount persecurity	Tax rate forfrankingcredit
June 2020 distribution per security(record date 30 June 2020, paid 31 July 2020)	2.7118	Nil	N/A
September 2020 distribution per security(record date 30 September 2020, paid 30 October 2020)	2.8203	Nil	N/A
December 2020 distribution per security(record date 31 December 2020, paid 29 January 2021)	2.8203	Nil	N/A
Record date for determining entitlements for theDecember 2020 distribution	31 December 2020

No amounts of foreign sourced dividends or distributions are included in the above distributions.

Net tangible assets per security

	31 December 2020	30 June 2020
Net tangible assets perunit ($)	1.44	1.30

Adjusted Net asset value per security

	31 December 2020	30 June 2020
Adjusted Net asset value per unitincluding water entitlements heldat market value ($)	2.01	1.94

Additional Appendix 4D disclosure requirements can be found in the Directors’ Report and the 31 December 2020 Consolidated Financial Statements and accompanying notes.

Dividend Reinvestment Plan

Rural Funds Group operates a distribution reinvestment plan in which all unitholders resident in Australia and New Zealand are eligible to participate at their election. The number of units received from a distribution is based on dividing the distribution (after deduction of taxes or any other payment or levy applicable) by the average of the daily volume weighted average price of units sold on the ASX in the 20 trading days before the record date less a discount of 1.5% on the calculated price.

Unitholders may change their participation in the plan at any time. However, in order to be valid and effective for a distribution payable, the election form to change participation must be submitted to the unit registry by the day after the nominated record date for that distribution.

Audit

This report is based on the consolidated financial statements that have been subject to an auditor’s review by PricewaterhouseCoopers. There are no items of dispute with the auditor and the auditor’s review is not subject to qualification.