Investor Presentaiton

Sensitivity analysis Sensitivity analysis of disclosure date 11 Sep 14 FY15 forecast Item Assumption Change Rural Funds Management Change in total % change in total comprehensive comprehensive income income Variable expenses $8,196,799 5% increase in expenses ($286,888) (37.5%) Variable expenses Penalty for growing performance $24,817,550 ($265,016) Bonus for growing performance $24,817,550 $265,016 $8,196,799 5% decrease in expenses $286,888 37.5% ($185,511) (24.3%) $185,511 24.3% Notes: • • Each sensitivity assumes all other variables unchanged • • Variable expenses are defined as gas and electricity, direct agribusiness expenses, and repairs and maintenance Change in Comprehensive Income on a post tax basis The penalty change of $265,016 reflects the actual penalty incurred in 2014 Effect of changes in assumptions on the distributions will depend on the circumstances at the time 17

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