RURAL FUNDS GROUP — Investor Presentation 2026

Mar 19, 2026

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ASX release

Investor webinar: Unitholder Meetings

20 March 2026

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Authorised by:	For further information:		RFM details:
**Tim Sheridan **	**James Powell **	**David Bryant **	ABN 65 077 492 838
Chief Operating Officer	GM - Investor Relations ,	Managing Director	AFSL 226701
Rural Funds Management	Corporate Affairs &	Rural Funds Management	Level 2, 2 King St Deakin ACT 2600
T 02 6203 9700	Sustainability	T 02 6203 9700	PO Box 347 Curtin ACT 260 5
E TSheridan@ruralfunds.com.au	Rural Funds Management	E DBryant@ruralfunds.com.au	T 02 6203 9700
	T 02 6203 9700		E management@ruralfunds.com.au
	E JPowell@ruralfunds.com.au
	www.ruralfunds.com.au

Investor webinar – Unitholder Meetings 2 April 2026

20 March 2026

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Presenters

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Tim Sheridan Chief Operating Officer

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James Powell General Manager – Investor Daniel Yap Chief Financial Officer Relations, Corporate Affairs and Sustainability

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Craig Hall Investor Services and Communications Manager

Disclaimer

This presentation has been prepared by Rural Funds Management Limited (ACN 077 492 838, AFSL 226 701) (“RFM”) as the responsible entity of Rural Funds Group (“RFF”). RFF is a stapled security, incorporating Rural Funds Trust (ARSN 112 951 578) and RF Active (ARSN 168 740 805). The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. Please note that, in providing this presentation, RFM has not considered the investment objectives, financial circumstances or particular needs of any particular recipients.

This presentation is not and does not constitute a recommendation to purchase any securities and neither this presentation nor anything contained herein shall form the basis of any contract or commitment. In particular, this presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. This presentation must not be released or distributed in the United States.

RFM has prepared this presentation based on information available to it at the time of preparation. No representation or warranty is made as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in this presentation or any other information that RFM otherwise provides. To the maximum extent permitted by law, RFM, their related bodies corporate and their officers, employees and advisers are not liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on this presentation or otherwise in connection with it.

This presentation includes “forward-looking statements”. These forward-looking statements are based on current views, expectations and beliefs as at the date they are expressed. They involve known and unknown risks, uncertainties and other factors which could cause the actual results, performance or achievements of RFF to be materially different from those expressed or implied by the forward-looking statements. Accordingly, there can be no assurance or guarantee regarding these statements and you must not place undue reliance on these forward-looking statements. RFM and RFF disclaim any responsibility for the accuracy or completeness of any forward-looking statements.

All dollar values are subject to rounding and in Australian dollars unless otherwise stated. Any pro forma financial information included in this presentation has been prepared in accordance with Australian market practice.

This presentation should be read in conjunction with the Notice of meetings and explanatory memorandum released 2 March 2026. The meaning of capitalised terms in this presentation can also be found in the Notice of meetings and explanatory memorandum.

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Cover image: Riverina Beef feedlot, Yanco NSW, January 2020. Image this page: Riverina Beef feedlot, Yanco NSW, June 2018.

2

Summary of Unitholder Meetings

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Unitholder meetings have been convened to seek approval for changes to the J&F Guarantee and Rural Funds Trust and RF Active Constitutions.

History of Guarantee increases[1]

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----- Start of picture text -----

250
200 Previous increases:
+$40m 200 Aug 2018: $75m limit (99.8% in favour)
April 2020: $100m limit (99.6% in favour)
150 +$28m 160 February 2022: $132m limit (99.7% in favour)
132 132
100
100
Current increase:
50 75 Resolution 1: $28m increase ($160m limit)
Resolution 2: $40 increase ($200m limit)
contingent on $80m asset sales to maintain
0 pro forma LVR <50% (covenant 60%).
Aug-18 Apr-20 Feb-22 Mar-26
Pro forma AFFO impact – current proposals [[1 ]]
Full-year AFFO impact of $28.0m additional
13.0
Guarantee (increasing limit to $160m) is
0.5cpu (Resolution 1).
12.5 12.7
12.0 12.2
11.5 11.7 11.7 11.7
11.0 Full-year AFFO impact of $68.0m additional
Guarantee (increasing limit to $200m) is
1.0cpu (Resolution 1 and 2).
10.5
10.0
FY26f - Current Pro forma Pro forma
Resolution 1 - Resolution 2 -
$160m $200m
$'m Guarantee
AFFO CPU
----- End of picture text -----

Pro forma AFFO impact – current proposals[[1 ]]

• The J&F Guarantee is a security arrangement which supports a cattle finance facility for Rural Funds Group (RFF) lessee JBS, which has been in place since 2018.

• As a result of growth in JBS operational requirements, increases to the J&F Guarantee have been previously approved by Unitholders in 2020 and 2022. JBS have recently requested a further increase to the cattle finance facility, requiring a commensurate increase to the Guarantee.

• Unitholders meetings have been convened to consider:

• a $28m increase to the Guarantee

• a further $40m increase contingent on $80m of asset sales

• • to allow for the extension of the term of the Guarantee

• constitutional changes to allow for attribution of income.

• Increases to the J&F Guarantee are accretive to RFF. On a full-year basis an increase of $28m provides 0.5 cpu of additional AFFO, and a $68m increase generates 1.0 cpu additional AFFO (pro forma).[1]

• An Independent Expert has concluded that Guarantee, Additional Guarantee and Term Extension is fair and reasonable to NonAssociated Unitholders.[1]

• Key dates:

• 31 March 2026 – Proxies close 11.00am AEDT

• 2 April 2026 – Meetings held 11.00am AEDT

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Note:

1. Full information is contained in the Notice of Meetings and Explanatory Memorandum released 2 March 2026. Full-year AFFO impact assumes full utilisation of the Guarantee during the period. Pro forma AFFO impact is not a revised forecast, given the short period of utilisation in FY26, the FY26 forecast AFFO will remain unchanged at 11.7cpu.

3

History of the JBS transactions

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The JBS feedlots and Guarantee have provided good returns to RFF since FY19.

Feedlots owned by RFF[1]

• In August 2018, the Rural Funds Group ( RFF ) raised equity to fund:

• JBS Australia ( JBS ) cattle feedlots ($52.7m), which were leased back to JBS

• a $75.0m limited Guarantee which provides security for J&F Australia Pty Ltd ( J&F ).

• The Guarantee allows J&F to:

• supply JBS with cattle, feed and associated costs used to stock the RFF-owned feedlots and additional JBS-owned or contracted feedlots; and,

• fund grain used by JBS for feed milling for livestock.

• On 10 August 2018, the arrangement was approved by 99.8% of Unitholders who voted. Subsequent increases to the Guarantee were approved in April 2020 and February 2022.

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Note:

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1. SCU = Standard Cattle Unit. J&F facility also provides livestock finance for feedlots not owned by RFF.

4

Investment structure and proposed increase

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An increase in the existing arrangements as a result of increased operational requirements from JBS.

• J&F is a subsidiary of Rural Funds Management Limited (RFM), as distinct from RFF. This structure helps to preserve RFF’s Real Estate Investment Trust (REIT) status.

• RFM’s remuneration is limited to 1.05% of the Guarantee provided by RFF.

• As a result of this continued high demand, JBS has requested a further increase in the existing arrangements with J&F. An increase to J&F’s borrowings would require a commensurate increase in the amount of the Current Guarantee. JBS has also requested J&F supply lambs as part of the JBS Arrangements, although initially expected to be less than 5% of the overall financial arrangement.

• A Notice of Meetings and Explanatory Memorandum was released on 2 March 2026 to seek Unitholder approval for:

• an additional increase to the Guarantee in two tranches, by $28.0m to $160.0m and a subsequent increase of up to $40.0m to $200.0m (contingent on $80.0m asset sales)

• an extension to the Guarantee Term of up to ten years assuming no other material changes to the terms of the Guarantee, noting the current expiry of 2028 and

• changes to the Constitutions of Rural Funds Trust and RF Active to allow the attribution of income over a distribution period.

Investment structure

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Note:

1. As J&F is a wholly owned subsidiary of RFM, the additional Guarantee and Term extension requires RFF Unitholder approval under ASX Listing Rule 10.1. If approved by Unitholders, it is expected that JBS would initially utilise up to $533.3m of bank debt associated with the Guarantee. As a result, the Guarantee limit would increase proportionally, by $28.0m (from $132.0m to $160.0m). If additional bank debt is required, the Guarantee would increase proportionally to the Unitholder approved $200.0m maximum. Refer to Explanatory Memorandum dated 2 March 2026 for further details.

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5

High-quality counterpart

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The Guarantee is supported by a high-quality counterpart.

• Counterpart performance:

• Baybrick Pty Ltd (net assets $3.5b at 31 December 2024) is a subsidiary of JBS N.V. and guarantees the obligations of JBS.

• Mortalities:

• risk is primarily borne by JBS which bears responsibility for mortalities up to a certain threshold across all feedlots

• RFM currently mitigates reasonable mortality risk on RFF-owned feedlots above this threshold through insurance

• risk is further mitigated though geographic diversification of the feedlots.

• The Guarantee has a distinct limit.

JBS overview[1]

Item	Description	Description
Net revenue	•	USD19.5b (1Q25)
Production	• •	#1 Global beef producer #1 Global poultry producer
Locations	•	250+ production facilities
Employees	•	280,000+
Customers	•	320,000+ in 180+ countries
Market cap	•	USD17.7b (as at 30 January 2026)2
Credit rating	•	BBB- (Standard & Poors)2

Notes:

1. Source: https://jbsfoodsgroup.com/investors, JBS 1Q25 Institutional Presentation.

2. Refer to Explanatory Memorandum dated 2 March 2026.

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6

Financial metrics

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The Guarantee generated an annualised HY26 return of 10.7%.

RFF returns from the Guarantee[1]

Item	HY26	HY26 return	Comments
Guarantee amount	$124.0m		Average Guarantee for the half year
Gross guarantee fee	$6.6m	10.7%	Net of management costs
Finance costs	($3.2m)	(5.2%)	Cost of funding relating to the term debt held in J&F
			J&F revenue is recognised as finance
Net finance income	$3.4m	5.5%	income. See note D1 of RFF
			HY26 financial accounts

Financial impact[1]

Item	FY26f	Pro forma $138.7m utilisation	Pro forma $160.0m full utilisation	Pro forma $200.0m full utilisation with $80.0m of asset sales
Guarantee	$132.0m	$138.7m	$160.0m	$200.0m
J&F facility limit	$440.0m	$533.3m	$533.3m	$666.7m
AFFO per unit	11.7 cents	11.9 cents	12.2 cents	12.7 cents
DPU	11.73 cents	11.73 cents	11.73 cents	11.73 cents
AFFO payout ratio	100.3%	98.6%	96.1%	92.4%
Pro forma gearing	39.1%	39.1%	39.1%	36.7%
Pro forma LVR	48.0%	48.4%	49.6%	49.6%

• The return paid by J&F to RFF is net of all costs. RFM’s remuneration is limited to 1.05% of the Guarantee amount.

• The Independent Expert has assessed the return rate on the First Tranche Additional Guarantee to be in the range of 9.8% to 11.3%.[2]

• Increases to the J&F Guarantee are accretive to RFF. On a full-year basis an increase of $28m provides 0.5 cpu of additional AFFO, and a $68m increase generates 1.0 cpu additional AFFO (pro forma).[1]

• The second resolution to increase the Guarantee to $200m is for future JBS operational requirements and is conditional on $80m asset sales so that there is no impact on RFF’s LVR on a pro forma basis.[1]

• Increases to the Guarantee do not impact gearing.

Note:

1. See Explanatory Memorandum released 2 March 2026. HY26 return is annualised. Full-year AFFO impact assumes full utilisation of the Guarantee during the period. Pro forma AFFO impact is not a revised forecast, given the short period of utilisation in FY26, the FY26 forecast AFFO will remain unchanged at 11.7cpu.

2. Subject to various adjustments. See Independent Expert Report at section 5 of the Explanatory Memorandum dated 2 March 2026.

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7

How to lodge your vote online

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RFM has arranged for Unitholders to be able to efficiently cast their vote online prior to the Meetings.

Step 1: Visit https://www.votingonline.com.au/rffgm2026. Enter your postcode or country of residence (if outside Australia). Enter your Voting Access Code (VAC) located on your proxy form and acknowledge your details.

Step 2 : Appoint a Proxy.

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Step 3 : Direct your vote.

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Step 4 : View summary and submit your vote.

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Proxy and online voting closes at 11.00 am AEDT 31 March 2026.

If you have not received your proxy form, please contact RFM Investor Services on on 1800 026 665 (from within Australia) or +61 2 6203 9700 (from outside Australia) from 9:00am to 5:00pm (local Canberra time), Monday to Friday.

Please also refer to your proxy form for additional methods on how to lodge your vote.

The Meetings will be held on 2 April 2026 at 11.00 am AEDT. Please contact RFM Investor Services prior to the Meetings if you intend to attend in person.

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8

Conclusion

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The Guarantee is an AFFO-accretive investment for RFF.

• Increase to an existing arrangement:

• Unitholders previously approved the Guarantee.

• Good investment with a high-quality counterpart:

• The Guarantee structure maintains RFF’s REIT catagorisation.[1]

• An annualised return of 10.7% has been generated by the Guarantee in HY26.[1]

This Notice of Meetings and Explanatory Memorandum contains important information in relation to the Guarantee and a discussion of the benefits and risks of the Guarantee.

Please read the Notice of Meetings and the Explanatory Memorandum carefully in its entirety before making your decision and voting (whether in person, by corporate representative or by proxy) at the Meetings.

• An Independent Expert has concluded that Guarantee, Additional Guarantee and Term Extension is fair and reasonable to Non-Associated Unitholders.[1]

Notes:

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1. Refer to Explanatory Memorandum dated 2 March 2026 for further details.

9

Managed by:

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Rural Funds Management Limited

Follow us:

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ACN 077 492 838

AFSL 226701

Level 2, 2 King Street Deakin ACT 2600

T 02 6203 9700

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E investorservices@ruralfunds.com.au

For more information on the RFM management team, visit the RFM website.

W www.ruralfunds.com.au