Revaluation Update

PRESENTED BYAndrea Lemmon – Executive Manager Funds Management

How will my current investment convert into RFF? 2

Key investor questions

• How does my Rural Funds Group (RFF) holding compare to my current RBK, CIF and/or AWF holding?

• What other comparisons exist on the market to RFF?

• When will my distributions commence?

Conversion into RFF

• Unitholders receive units in a new security called The Rural Funds Group (ASX code – RFF)

• Units issued in RFF are calculated based on the 30 September 2013 Net Asset Value of underlying fund holdings

• Units issued in RFF are calculated using a $1 Net Asset Value of RFF and therefore Unitholders will receive more or less units than their current holding to reflect the current value of their units

What will my RiverBank holding look like after ‘Revaluation’?

Existing RiverBank Units 10,000

Existing RiverBank Value $14,854

Existing RiverBank Distribution

5.40%

Conversion ratio in RFF 1.3821

RFF Units Received 13,821

RFF Value (NTA) $13,821

RFF Annualised distribution 8.78%

What will my CIF holding look like after ‘Revaluation’?

Existing CIF Units 10,000

Existing CIF Value $8,504

Existing CIF Distribution 10.08%

Conversion ratio into RFF 0.6945

Conversion ratio into RFMP

0.1069

RFF Units Received 6,945

RFMP Units Received 1,069

RFF & RFMP Value (NTA) $8,274

RFF & RFMP Annualised distribution

9.52%

Income 4.5%

5.5%

6.5%

7.5%

8.5%

9.5%

10.5%

11.5%

Existing Proposed

What will my AWF holding look like after ‘Revaluation’?

Existing AWF Units 10,000

Existing AWF Value $4,299

Existing AWF Distribution 5.60%

Conversion ratio in RFF 0.4621

RFF Units Received 4,621

RFF Value (NTA) $4,621

RFF Annualised distribution 10.14%

Comparisons to RFF*

*Data current as at 15 August 2013#RFM Poultry has a grower contract with Baiada

ASX CodeRural Funds Group

(RFF)360 Capital Industrial

Fund (TIX)Arena REIT

(ARF)

GICS Classification REIT (TBC) REIT REIT

Core assets Agricultural Property Industrial Property Childcare Centres

Underlying assets (millions) $228 $340.7 $228

Gearing 40.80% 46.89%10% post offer, 19% post Buyback and withdrawal, target of 35-45%

Key tenants1. RFM Poultry#

2. Select Harvests (SHV) 3. Treasury Wine Estates (TWE)

1. The Reject Shop (TRS)2. Aust Pharmaceutical Ind (API)3. AWH Ltd

1. Goodstart2. Preeschool Services Australia3. Nurture One

WALE (years) 14 5.1 8.2

Forecast CPU distribution 8.2 (8.2% to NTA) 18 (8.7% to share price) 8.2 (7.8% to share price)

Liquidity measure N/A 24% since inception (13 Dec 12) 18% since inception (13 June 13)

Current discount to NTA N/A 5.1% premium 4.4% premium

After market support strategies

• Key broker(s) supporting stock through research and investor support

• Working with broker(s) to introduce institutional investors onto the RFF register

• Maintain open and transparent relationship with financial advisers tracking RFF assets and management

• Other market participants including RFF and RFM

Distribution schedule

• Currently distributions are being retained

• RFM intends to announce a Special Distribution shortly after merger and listing

• Distributions will be paid on a quarterly basis with the first record date being 30 November (subject to listing date)

Looking after RFF unitholders

• RFF’s primary objective is to provide stable income for its unitholders

• This is the only opportunity for investors to consider listing

• RFM wants all unitholders to have their say – your vote is important

Disclaimer

This presentation has been prepared by Rural Funds Management Ltd (RFM) AFSL 226701.

RFM has prepared this presentation based on information available to it. Although all reasonable care has been taken

to ensure that the facts stated and opinions given in the presentation are fair and accurate, the information to be

provided in this presentation has not have been independently verified. Accordingly, no representation or warranty,

expressed or implied is made as to the fairness, accuracy, completeness or correctness of the information and

opinions contained in the presentation.

Whilst RFM has taken all reasonable care in producing the information in the presentation, subsequent changes in

circumstances may occur at any time and may impact on the accuracy of the information. Neither RFM or its directors

or employees guarantee the success of the project including any return received by investors in the Fund.

The presentation is confidential and may not be reproduced, redistributed or passed on, directly or indirectly, to any

person or published, in whole or in part, for any purpose.

The information contained in the presentation is by way of general summary only and has been prepared without

taking into account any person’s individual objectives, financial situation or needs. Before making any decisions

regarding their investment in the Fund a person should consider the appropriateness of the information to their

individual objectives, financial situation and needs and if necessary seek advice from a suitably qualified professional.