A presentation to update Unitholders on the proposal to unite three RFM Funds and list on the stock exchange. It covers a history of the funds, a description of the proposed solution and the benefits.

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

2. RFM Proposal –
Uniting and listing
three RFM funds

3. RFM Now
• RFM commenced in 1997 as a boutique fund and asset
manager specialising in the rural property sector
• As at December 2012 had $302m agricultural assets
under management
• Manages assets in NSW, SA, Vic, Tas and WA
• Responsible entity for ten agricultural investment
funds, three of which will receive proposals for a
restructure shortly

4. Good Assets and Good People
Chicken Income Fund Australian Wine FundRiverBank

5. Funds snapshot
*RFM Poultry has a grower contract with Baiada
RFM RiverBank
(RBK)
Chicken Income Fund
(CIF)
Australian Wine Fund
(AWF)
Key Assets
Almond orchards and
water entitlements
Poultry growing farms Vineyards
Asset Value $92m $107m $42m
Location Hillston, NSW
Griffith, NSW
Lethbridge, Vic
Barossa Valley,
Coonawarra & Adelaide
Hills, SA
Great Western, Vic
Commencement 2005 2003 2000
Number of unit
holders
1,027 1,854 1,411
Key tenant Select Harvest RFM Poultry* Treasury Wine Estates
Key headline
lease rate
10% 10% 9%
Lease term 17 years 14 years 9 years

6. RFM Funds unitholders
• Average investor 65 years old
• 70% are aged between 53 and 77
• Super funds (inc) SMSFs >50 per cent
• Postcode analysis weighted towards urban locations
• Therefore, key inferences about investor priorities:
– Self funded retirees seeking income stability, low risk
– Simplicity
– Liquidity

7. Aligning our business with unitholders
1. High quality assets but antiquated structures
2. All three funds are currently illiquid with no market for
their units
3. Funds management environment has changed since
funds were established (GFC)
4. Partial asset sales unsuitable
5. RBK and CIF have debt amortisation requirements
6. AWF requires greater scale

8. Solution
1. Reorganise RBK, AWF and CIF to leasing operations
2. Unite RBK, CIF and AWF
3. Create Australia’s first diversified Agricultural Real-
Estate Investment Trust (Ag-REIT) – focused on
generating stable income from leasing agricultural
property to quality tenants
4. List on ASX November

9. Uniting and listing the fund delivers
a) Liquidity
b) Greater access to capital markets
c) Income stability
d) Diversification
e) Economies of scale (lower costs)
f) Future growth (rental increases, acquisitions and
greater trading volumes)

10. 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.