Rural Funds : HY22 financial results presentation

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) and has been authorised for release by

the Board of RFM. 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

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circumstances or particular needs of any particular recipients.

This presentation is not, and does not, constitute an offer to sell or the solicitation, invitation or 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. Any securities described in this presentation have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in

the United States except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities laws.

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, its related bodies corporate and its 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.

use

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 that 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.

Glossary

Adjusted NAV - Net Asset Value (NAV) adjusted for the independent valuation of water entitlements; Adjusted total assets - Total assets adjusted for the independent valuation of water entitlements; ASX -

ersonal

Australian Securities Exchange; AFFO - Adjusted funds from operations, a financial metric used in the REIT sector to measure available cash flow from operations (adjustment relates to non-cash tax expense);

Counterpart - A party other than RFF involved in a financial transaction, usually referring to the lessee of a property; CPI - Consumer Price Index; cpu - cents per unit; CY - Calendar year; DPU - Distributions

per Unit; DRP - Dividend reinvestment plan; EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortisation; EPU - Earnings per unit; Fair value - Value of an asset as determined by an independent

valuation; FY22e - Financial year 2022 end; Gearing - Calculated as external borrowings/adjusted total assets; GL - Gigalitre; Group - Term used for the Rural Funds Group; ha - Hectare(s); HY21 - Half-year

ended 31 December 2020; HY22 - Half-year ended 31 December 2021; LVR - Loan to valuation ratio, a bank covenant calculated as debt divided by tangible assets (including water entitlements); Market

capitalisation - Total market value of a company's shares on the market; ML - Megalitre; m - Million(s); NAV - Net asset value, calculated as assets less the value of liabilities (does not recognise fair value of

water entitlements); P&E - Plant and equipment; REIT - Real Estate Investment Trust; RFF - Rural Funds Group (ASX: RFF); RFM - Rural Funds Management Limited, manager and responsible entity for RFF;

TCI - Total comprehensive income; Total assets - Total value of assets as presented on the balance sheet (water entitlements recorded at the lower of cost or fair value); WALE - Weighted average lease

expiry.

Cover image: Macadamia tree planting at Riverton, Rockhampton - central Queensland, December 2021.

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