RYDER CAPITAL LIMITED — Net Asset Value 2018

Aug 8, 2018

Net Tangible Asset & Monthly Investment Report

As at 31 July 2018

Investment Performance

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----- Start of picture text ----- 3 Months 6 Months 1 Year ITD Since Inception [(2)](%) (%) (%) (% ) (% per annum)Gross Portfolio Performance 9.41 7.02 32.15 84.43 23.90Pre-tax undiluted NTA Return [(3)] 6.95 5.03 24.69 62.25 18.47Pre-tax NTA Return [(1)] 4.46 2.40 21.57 58.22 17.43Hurdle1.42 2.81 5.75 17.72 5.88(RBA Cash Rate + 4.25% Return)Excess ReturnPre-tax NTA Return [(1)] - 3.04 -0.41 15.82 40.50 11.55(RBA Cash Rate +4.25%)----- End of picture text -----

1. Unaudited investment performance less all costs of operating Ryder Capital Ltd including investment management and performance fees including the dilutionary impact of options exercised to date but ignoring the dilutionary impact of unexercised outstanding RYDO options..

2. Inception to Date (ITD). Inception Date is 22 September 2015.

3. Pre-tax NTA return adjusted for exercised $1.25 RYDO options.

Portfolio Holdings > 5% weighting

Investment Commentary

The diluted pre-tax NTA for the month of June decreased by 0.48% to $1.5578, equivalent to a minor undiluted pre-tax decline of 0.17% (if we exclude the ~660k RYDO options exercised at $1.25 during the month). Broadly holdings across the portfolio marked time, with a number of smaller holdings making small gains, offset by small falls in SRG Limited, NextDC Limited and Codan Limited. There was no material portfolio activity during the month. As we enter the FY2018 reporting cycle we expect to find some opportunities amongst the noise. Cash holdings for the period increased slightly in nominal and relative terms to 18.1%.

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----- Start of picture text ----- Company IndustryAurelia Metals Ltd MiningUpdater Inc Technology ServicesNextDC Ltd Digital InfrastructureCodan Ltd Electronics / CommsSRG Ltd EngineeringFlexigroup Ltd Consumer FinanceCumulative Weighting 59.38%----- End of picture text -----

Investment Strategy & Objectives

• Absolute return, value driven fundamental approach

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

Key Information

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----- Start of picture text ----- ASX Code RYDDate of Listing 15 Sep, 2015Gross Assets $66.69mMarket Cap $51.07mShare Price $1.25NTA Pre Tax $1.5578NTA Pre Tax fully diluted $1.4227NTA Post Tax $1.4234NTA Post Tax fully diluted $1.3473Shares on Issue 40,857,445Initial options on issue 31,947,000ASX 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

Cash 18.1% Equities 81.9%

• Concentrated portfolio < 20 stocks

• ASX listed small/micro cap focus

• Medium to long term capital growth

Investment Team/Directors

About Ryder Capital Limited

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