RYDER CAPITAL LIMITED — Net Asset Value 2018

May 8, 2018

Net Tangible Asset & Monthly Investment Report

As at 30 April 2018

Investment Performance Key Information 1

	3 Months(%)	6 Months(%)	1 Year(%)	ITD2(% )	ITD Annualised(%)
NTA Return(Pre Tax)	-1.97	8.76	27.53	51.47	17.29
HurdleRBA Cash Rate +4.25% Return	1.37	2.81	5.75	16.07	5.89
Excess ReturnNTA Return (Pre Tax) -RBA Cash Rate +4.25%	-3.34	5.95	21.78	35.40	11.40

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.

Investment Commentary

The pre-tax undiluted NTA for the month of April declined by 0.68% to $1.4913 through a combination of a decline in portfolio asset values and the payment of the 1 cent full franked interim dividend. Solid performances during the period came from core holdings in SRG Limited, Flexigroup Limited and Aurelia Metals Limited with a handful of positions in the balance of the portfolio moving lower mark to market, dragging on overall short term performance. We have an emerging pipeline of opportunities both within and external to the portfolio that we believe have the potential to materially add to performance over the coming quarters. The ability to capitalise on these opportunities whilst balancing our weightings / cash holdings and the future dilutionary impact from the exercise of outstanding initial options is presently front of mind. Helping to manage the aforementioned factors, Directors of RYD and some supportive shareholders have begun exercising RYDO options to assist in the management of the portfolio as the capital base expands. Cash holdings for the period increased in nominal terms to 14.6% as we received the proceeds from the sale of Billabong.

Portfolio Holdings > 5% weighting

Company	Industry
Updater Inc	Technology Services
NextDC Ltd	Digital Infrastructure
Aurelia Metals Ltd	Mining
SRG Ltd	Engineering
Codan Ltd	Electronics / Comms
Flexigroup Ltd	Consumer Finance
Cumulative Weighting	60.1%

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
• Medium to long term capital growth

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.

ASX Code	RYD
Date of Listing	15 Sep, 2015
Gross Assets	$56.6m
Market Cap	$45.0m
Share Price	$1.23
NTA Pre Tax	$1.4913
NTA Post Tax	$1.3633
Shares on Issue	36,573,997
Initial options on issue	36,474,500
ASX Option Code	RYDO*
RYDO Strike Price	$1.25
RYDO 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.

Portfolio Asset Allocation

Investment Team/Directors

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