RURAL FUNDS GROUP — Major Shareholding Notification 2017

Sep 19, 2017

Form 604 Corporations Act 2001Section 671B

Notice of change of interests of substantial holder

To Company Name/SchemeACN/ARSN	Rural Funds Group077 492 838
1. Details of substantial holder (1)
NameACN/ARSN (if applicable)	The Vanguard Group, Inc.N/A
There was a change in the interests of thesubstantial holder on	15 September 2017
The previous notice was given to the company on	23 June 2017
The previous notice was dated	23 June 2017

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now r

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person'svotes	Voting power (5)
Ordinary (The VanguardGroup, Inc.)			5,148,105	2.021%
Ordinary (VanguardInvestments Australia Ltd)	13,870,898	6.160%	13,952,260	5.478%
Total	13,870,898	6.160%	19,100,365	7.499%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date ofchange	Person whoserelevant interestchanged	Nature ofchange (6)	Considerationgiven in relationto change (7)	Class andnumber ofsecuritiesaffected	Person's votesaffected
See Annexure A

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder ofrelevantinterest	Registeredholder ofsecurities	Person entitledto be registeredas holder (8)	Nature ofrelevantinterest(6)	Class andnumber ofsecurities	Person'svotes
VanguardInvestmentsAustralia Ltd	JP MorganChase Bank,N.A. and variousother custodians	Vanguard investments Australia Ltd is the manager of varioussuperannuation funds, institutional investor portfolios and unit trustsand in that capacity can exercise the power to vote and/or dispose ofthe shares	BeneficialOwner	Ordinary $-$13,952,260	13,952,260
TheVanguardGroup, Inc.	JP MorganChase Bank,N.A.	The Vanguard Group, Inc., is the manager of various Mutual fundsand accounts and in that capacity has the power to dispose of theshares	BeneficialOwner	Ordinary-1,758,813	1,758,813
TheVanguardGroup, Inc.	Brown BrothersHarriman	The Vanguard Group, Inc., is the manager of various Mutual fundsand accounts and in that capacity has the power to dispose of theshares	BeneficialOwner	Ordinary-3,383,689	3,383,689
TheVanguardGroup, Inc.	State StreetBank and TrustCompany	The Vanguard Group, Inc., is the manager of various Mutual fundsand accounts and in that capacity has the power to dispose of theshares	BeneficialOwner	Ordinary $-$5.603	5.603

604 page 2/2 15 July 2001

÷,

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as fo

I (if applicable)Name and ACN/ARSN---------------------------------------	------------------associationNature or______-----
N/A--	N/A_____________________

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Vanguard Investments Australia Ltd	Level 34, 2 Southbank Blvd, Southbank 3006 VICAustralia
The Vanguard Group, Inc.	P.O. Box 2600, V26 Valley Forge, PA 19482 USAAttn: Keith DelgadoSenior Fund Compliance ManagerVanguard Fund Compliance@Vanguard.com

Signature

THAMS ROVE print name capacity sign here date 19 September 2017

Annexure A

To Company ACN/ARSN

Rural Funds Group 077 492 838

$N/A$

The Vanguard Group, Inc.

Substantial Holder Name ACN/ARSN

Consideration Number of Person whose relevant interest Nature of given in relation to securities Person's votes Date of change changed Change(6) change(7) Class affected affected 8-Sep-17 The Vanguard Group, Inc. Buy $3,716$ $2.25$ Ordinary $3,716$ 11-Sep-17 The Vanguard Group, Inc Buy $2.25$ Ordinary 42,755 42,755 11-Sep-17 The Vanguard Group, Inc. |Buy $2.25$ Ordinary 272.619 272,619 11-Sep-17 The Vanguard Group, Inc. Buy 2.25 Ordinary 194,225 194.225 11-Sep-17 The Vanguard Group, Inc. |Buy 2.25 Ordinary 10,289 10,289 11-Sep-17 The Vanguard Group, Inc. .Buy $2.24$ Ordinary 76,480 76,480 11-Sep-17 The Vanguard Group, Inc. Buy $\overline{2.25}$ Ordinary 76,060 76.060 12-Sep-17 The Vanguard Group, Inc Buy 2.28 Ordinary 25,000 25,000 13-Sep-17 The Vanguard Group, Inc. 2.28 Ordinary |Buy 14,204 14.204 13-Sep-17 The Vanguard Group, Inc. Buy 2.28 Ordinary 90,564 90,564 13-Sep-17 The Vanguard Group, Inc. Buy 2.28 Ordinary 64,522 $64.522$ 13-Sep-17 The Vanguard Group, Inc. Buy 2.28 Ordinary $3.418$ $3,418$ 13-Sep-17 The Vanguard Group, Inc. 2.28 Ordinary Buy 396,240 396,240 13-Sep-17 The Vanguard Group, Inc. 2.28 Ordinary Buy 25.267 25,267 15-Sep-17 The Vanguard Group, Inc. Buy 2.27 Ordinary 14,771 14,771 15-Sep-17 The Vanguard Group, Inc. Buy 2.22 Ordinary 204,103 204,103 2.27 Ordinary 15-Sep-17 The Vanguard Group, Inc. Buy 94,183 94,183 15-Sep-17 The Vanguard Group, Inc. Buy 2.22 Ordinary 1,301,447 1,301,447 15-Sep-17 The Vanguard Group, Inc. Buy 2.27 Ordinary 67,100 67,100 15-Sep-17 The Vanguard Group, Inc. Buy 2.22 Ordinary 927,209 927,209 15-Sep-17 The Vanguard Group, Inc. Buy 2.27 Ordinary 3.555 3.555 15-Sep-17 The Vanguard Group, Inc. Buy 2.22 Ordinary 49,116 49,116 15-Sep-17 The Vanguard Group, Inc. Buy 2.27 Ordinary 53,987 53,987 15-Sep-17 The Vanguard Group, Inc. Buy 2.22 Ordinary 746,013 746,013 15-Sep-17 The Vanguard Group, Inc. Buy 2.27 Ordinary 26.276 26.276 15-Sep-17 The Vanguard Group, Inc. Buy 2.22 Ordinary 363,099 363,099 15-Sep-17 The Vanguard Group, Inc. Buy 2.27 Ordinary 128 $128$ 15-Sep-17 The Vanguard Group, Inc. Buy 2.22 Ordinary 1,759 1,759 22-Jun-17 Vanguard Investments Australia Ltd. Buy 1.70 Ordinary 16,831 16.831 22-Jun-17 Vanguard Investments Australia Ltd. Buy 1.70 Ordinary 15,351 15,351 22-Jun-17 Vanguard Investments Australia Ltd. 1.70 Ordinary Buy 171,292 171,292 22-Jun-17 Vanguard Investments Australia Ltd. Buy 1.70 Ordinary 138.693 138,693 22-Jun-17 Vanguard Investments Australia Ltd. Buy 1.70 Ordinary 113,485 113,485 22-Jun-17 Vanguard Investments Australia Ltd. Sell 1.86 Ordinary $(103, 402)$ $(103, 402)$ 27-Jun-17 Vanguard Investments Australia Ltd. Buy 1.90 Ordinary 9,867 $9,867$ 29-Jun-17 Vanguard Investments Australia Ltd. Buy 1.91 Ordinary 20,244 $20,244$ 30-Jun-17 Vanguard Investments Australia Ltd. İSell 1.84 Ordinary $(62, 343)$ $(62, 343)$ 5-Jul-17 Vanguard Investments Australia Ltd. Buv 1.83 Ordinary 3,291 3,291 5-Jul-17 Vanguard Investments Australia Ltd. Buy 1.83 Ordinary $6,582$ 6.582 6-Jul-17 Vanguard Investments Australia Ltd. |Buy 1.85 Ordinary $32,131$ $32,131$ 6-Jul-17 Vanguard Investments Australia Ltd. Buy 1.85 Ordinary 65,820 65,820 6-Jul-17 Vanguard Investments Australia Ltd. Sell 1.85 Ordinary $(119,968)$ $(119,968)$ 11-Jul-17 Vanguard Investments Australia Ltd. Sell $1.81$ Ordinary $(19, 127)$ $(19.127)$ 11-Jul-17 Vanguard Investments Australia Ltd. Buy 1.83 Ordinary 9.873 9,873 11-Jul-17 Vanguard Investments Australia Ltd. Sell 1.81 Ordinary $(29, 569)$ $(29, 569)$ 13-Jul-17 Vanguard Investments Australia Ltd. Sell 1.81 Ordinary $(54.030)$ $(54,030)$ 13-Jul-17 Vanguard Investments Australia Ltd. Buy 1.81 Ordinary 32,600 32,600 13-Jul-17 Vanguard Investments Australia Ltd. Buy 1.81 Ordinary $3,291$ $3,291$ 1.81 Ordinary 13-Jul-17 Vanguard Investments Australia Ltd. Sell $(48,900)$ $(48,900)$ 17-Jul-17 Vanguard Investments Australia Ltd. Ordinary Sell 1.92 $(58.034)$ $(58.034)$ 17-Jul-17 Vanguard Investments Australia Ltd. Buy 1.93 Ordinary 9.873 9,873 17-Jul-17 Vanguard Investments Australia Ltd. Sell 1.92 Ordinary $(52,044)$ $(52, 044)$ 20-Jul-17 Vanguard Investments Australia Ltd. Sell 1.94 Ordinary $(49, 427)$ $(49, 427)$ 20-Jul-17 Vanguard Investments Australia Ltd. Buy| 1.93 Ordinary 24,806 24,806 20-Jul-17 Vanguard Investments Australia Ltd. 1.93 Ordinary |Buy 9,873 9,873 20-Jul-17 Vanguard Investments Australia Ltd. Sell 1.94 Ordinary $(39, 755)$ $(39, 755)$ 24-Jul-17 Vanguard Investments Australia Ltd. Buy 2.05 Ordinary 29.619 29,619 25-Jul-17 Vanguard Investments Australia Ltd. $(64, 853)$ Sell 2.00 Ordinary $(64, 853)$

Annexure A

			Consideration		Number of
	Person whose relevant interest	Nature of	given in relation to		securities	Person's votes
Date of change	changed	Change(6)	change(7) Class		affected	laffected
	25-Jul-17 Vanguard Investments Australia Ltd.	Sell		1.99 Ordinary	(19,746)	(19,746)
	25-Jul-17 Vanguard Investments Australia Ltd.	Sell		2.00 Ordinary	(52, 266)	(52, 266)
	27-Jul-17 Vanguard Investments Australia Ltd.	Sell	2.00	Ordinary	(41,227)	(41, 227)
	28-Jul-17 Vanguard Investments Australia Ltd.	Sell		1.98 Ordinary	(13, 175)	(13, 175)
	3-Aug-17 Vanguard Investments Australia Ltd.	Buy	1.97	Ordinary	6,582	6,582
	4-Aug-17 Vanguard Investments Australia Ltd.	Sell	1.95	Ordinary	(62, 529)	(62, 529)
	8-Aug-17 Vanguard Investments Australia Ltd.	Sell	1.95	Ordinary	(28, 619)	(28, 619)
	9-Aug-17 Vanguard Investments Australia Ltd.	Buy	1.96	Ordinary	3,291	3,291
	9-Aug-17 Vanguard Investments Australia Ltd.	Buy		1.96 Ordinary	9,873	9,873
	10-Aug-17 Vanguard Investments Australia Ltd.	Buy	1.98	Ordinary	38,080	38,080
	14-Aug-17 Vanguard Investments Australia Ltd.	Buy	2.02	Ordinary	10,782	10,782
	22-Aug-17 Vanguard Investments Australia Ltd.	Buy	2.10	Ordinary	5,738	5,738
	22-Aug-17 Vanguard Investments Australia Ltd.	Buy	2.10	Ordinary	6,317	6,317
	25-Aug-17 Vanguard Investments Australia Ltd.	Buy	2.07	Ordinary	9,993	9,993
	29-Aug-17 Vanguard Investments Australia Ltd.	Buy	2.08	Ordinary	10,851	10,851
	30-Aug-17 Vanguard Investments Australia Ltd.	Buy	2.08	Ordinary	64,090	64,090
	30-Aug-17 Vanguard Investments Australia Ltd.	Buy	2.08	Ordinary	7,188	7,188
	1-Sep-17 Vanguard Investments Australia Ltd.	Buy	2.20	Ordinary	9,993	9,993
	5-Sep-17 Vanguard Investments Australia Ltd.	Buy	2.16	Ordinary	29,738	29,738
	7-Sep-17 Vanguard Investments Australia Ltd.	Buy	2.25	Ordinary	19,838	19,838
	14-Sep-17 Vanguard Investments Australia Ltd.	Buy	2.27	Ordinary	3.331	3,331
	15-Sep-17 Vanguard Investments Australia Ltd.	Buv	2.22	Ordinary	9.993	9,993
	15-Sep-17 Vanguard Investments Australia Ltd.	Buy	2.23	Ordinary	41,176	41,176

This is Annexure A of 2 pages referred to in Form 604, Notice of change in substantial holder.

Signature

Date

19-Sep-2017