Ann: Response to Bonitas Research report, page-67

The reality is that Bonitas have a true conflict of interest in making these statements given that the y have a short position on the the stock.

The RFF board has handled this correctly in disputing these allegations line by line. Their response is not emotive, and they have been fair in their response.

As a board member of multiple organisations myself, I do find it laughable that an entire board would allow the fraud that Bonitas claim to occur. I also have a history of dealing with rural clients and lenders and I must say that they are amongst some of the most honest people I have ever come across.

I agree with the fact that they are having accountants outside of PWC verify their financials as it will prove that PWC do not have anything to gain from this allegation (I also would find it very hard to believe that PWC would turn a blind eye as an auditor - the reputational risk is too great).

I personally believe that the market lost it's mind by selling off the way that it did on the back of speculation and that is why the general population do not make large profits within the market as they place too much trust into opinions that are unsubstantiated.