RYDER CAPITAL LIMITED — Net Asset Value 2018

Jun 7, 2018

Net Tangible Asset & Monthly Investment Report

As at 31 May 2018

Investment Performance

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----- Start of picture text ----- 3 Months 6 Months 1 Year ITD 2 ITD Annualised(%) (%) (%) (% ) (%)NTA Return [1]6.15 15.02 38.28 51.47 20.02(Pre Tax)Hurdle1.42 2.82 5.75 16.62 5.89RBA Cash Rate +4.25% ReturnExcess ReturnNTA Return (Pre Tax) - 4.74 12.19 32.53 46.71 14.13RBA Cash Rate +4.25%NTA Return7.37 16.34 39.80 65.19 20.52(Pre Tax) - undiluted returns [3]----- End of picture text -----

1. Unaudited investment performance less all costs of operating Ryder Capital Ltd including investment management and performance fees & ignores the dilutionary impact of RYDO options being exercised below NTA.

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

3. Net Pre Tax returns adjusting for exercised $1.25 RYDO options.

Portfolio Holdings > 5% weighting

Investment Commentary

The pre-tax NTA for the month of May increased by 7.84% to $1.6082 including the exercise of ~2.5m RYDO options at $1.25 during the month. We have updated the format of this report to include the contingent and variable impact of dilution on NTA and performance. Strong absolute performance during the period came from Aurelia Metals Limted, Codan Limited, Flexigroup Limited and NextDC Limited. There were no material detractors from the portfolio for the month. We are broadly pleased with the performance, structure and quality of the portfolio. We continue to see opportunities both within and external to the portfolio that we believe can add to performance over the coming quarters, despite what has been a strong uplift in value for May. We continue to encourage RYDO option holders to consider exercising options in advance of the December 2018 expiry to assist in the management of cash and equity position weightings. Cash holdings for the period increased in nominal and relative terms to 16.9% as additional option proceeds of ~$3.1m were received.

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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 63%----- 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

• Concentrated portfolio < 20 stocks

Key Information

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----- Start of picture text ----- ASX Code RYDDate of Listing 15 Sep, 2015Gross Assets $66.25mMarket Cap $49.65mShare Price $1.27NTA Pre Tax $1.6082NTA Pre Tax fully diluted $1.4417NTA Post Tax $1.4541NTA Post Tax fully diluted $1.3592Shares on Issue 39,092,388Initial options on issue 33,956,109ASX 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 16.9% Equities 83.1%

• 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