RYDER CAPITAL LIMITED — Net Asset Value 2017

Nov 7, 2017

Net Tangible Asset & Monthly Investment Report

As at 31 OCTOBER 2017

Investment Performance[1]

Investment Performance1
	3 Months	6 Months	1 Year	Since Inception
	(%)	(%)	(%)	(% per annum)
NTA Return(Pre Tax)	7.01%	17.26%	23.34%	17.01%
Hurdle(RBA Cash Rate +4.25% Return)	1.42%	2.86%	5.75%	5.92%
Excess ReturnNTA Return (Pre Tax) - RBA Cash Rate +4.25%	5.59%	14.41%	17.59%	11.09%

1. Unaudited investment performance less all costs of operating Ryder Capital Ltd including investment management and performance fees

2. Inception Date of 22 September 2015

Portfolio Holdings > 5% weighting

Investment Commentary

The pre-tax NTA for the month of October increased by 3.35% as a function of a broad appreciation across the portfolio.

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After accumulating a core holding in Kogan.com Limited at prices around $1.50 during the past twelve months, the markets new found love affair in all things Kogan pushed its price up almost 200% in less than three months, reaching a high of $5.00 in mid-October, well above our view of intrinsic value resulting in the exiting of our entire holding at very attractive prices.

Cash holdings for the month increased to 11.3% and are likely to continue to increase over coming months.

Investment Strategy & Objectives

• Absolute return, value driven fundamental approach

• Exceed RBA Cash rate + 4.25% over the medium to longer term

• Concentrated portfolio < 20 stocks

• ASX listed small/micro cap focus

Key Information

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----- Start of picture text ----- ASX Code RYDDate of Listing 15 Sep, 2015Gross Assets $51.2mMarket Cap $44.3mShare Price $1.22NTA Pre Tax $1.3803NTA Post Tax $1.2815Shares on Issue 36,326,024Initial options on issue 36,828,500ASX Option Code RYDO*RYDO Strike Price $1.25RYDO Expiry 10 Dec, 2018* Each exercised initial option will result in the issue of a secondary$1.50 strike option with a 10 Dec, 2021 expiry.----- End of picture text -----

Portfolio Asset Allocation

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Cash 11.3% Equities 88.7%

• Medium to long term capital growth

About Ryder Capital Limited

Investment Team/Directors

Ryder Capital Limited (Company) was listed in September 2015 and is managed by Ryder Investment Management Pty Limited (Manager) a Sydney based boutique fund manager pursuing a high conviction value driven investment strategy specialising in small to mid-cap Australasian equities. The Managers approach is differentiated by investing for the medium to longer term, being aligned as significant shareholders in the Company and being focused on generating strong absolute returns first and foremost. A key foundation to the Managers success to date has been to minimise mistakes, ignore the crowd and back their judgement.

Peter Constable Chairman and Chief Investment Officer

David Bottomley Portfolio Manager / Director

Ray Kellerman Non-Executive Director

Contact

Address Level 25, 88 Phillip Street Sydney NSW 2000

Phone +61 2 8211 2790 Fax +61 2 8211 0555 Email enquiries@rydercapital.com.au

www.rydercapital.com.au ABN 74 606 695 854 ASFL 328 971