A presentation to update Unitholders on the proposal to unite three RFM Funds and list on the stock exchange. It covers how your current investment will convert into the proposed RFF group including examples for each fund, key investor questions, after market support strategies and distribution schedules.

1. Revaluation Update
PRESENTED BY
Andrea Lemmon – Executive Manager Funds Management

2. How will my
current investment
convert into RFF?

3. 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?

4. 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

5. 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%

6. 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%
4.5%
5.5%
6.5%
7.5%
8.5%
9.5%
10.5%
11.5%
Income
Existing Proposed

7. 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%

8. Comparisons to RFF*
*Data current as at 15 August 2013
#RFM Poultry has a grower contract with Baiada
ASX Code
Rural 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 tenants
1. 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. Goodstart
2. Preeschool Services Australia
3. 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

9. 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

10. 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)

11. 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

12. 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.