RFF Webinar, page-122

Correct

"If RFF’s A$ 75 million guarantee was meant for working capital, why was RFF’s guarantee immediately used to repay the A$ 30 million borrowed by RFM to acquire J&F? RFF’s Reponse confirmed that RFM received the equity benefit of J&F for free by using RFF’s A$ 75 million guarantee as a balance sheet backstop. How is that not a conflict of interest??RFF Management avoided the discussion of its conflicts of interest that RFF Management operates both RFF and RFM, yet RFF Management owns 100% of RFM and owns less than 5% of RFF’s equity. RFF Management failed to disclose to investors how RFF Management’s lop-sided compensation structure between RFF and RFM is handled to ensure decisions are made by RFF Management to prioritize the best interests of RFF minority shareholders."

Maybe Bonitas should learn what a trustee is and what it is designed to do. If RFM owned all of RFF thered be no point to us shareholders would there. Shareholders cant own RFM because it was never offered in the original IPO. RFM fees are 1.05% plus expenses. What does your related hedge fund cost? 2 and 25? why can i own a unit in your hedge fund but not the management entity? Why do you own the management entity but only 5% of units in your hedge fund?

RFF is a property owner not a cattle operator. to split the activities but gain the benefit both operationally and from a tax benefit this is why that occurred. it was very clearly explained.

Pointless drivel from Bonitas here.