RYDER CAPITAL LIMITED — Net Asset Value 2018

Feb 7, 2018

Net Tangible Asset & Monthly Investment Report

As at 31 January 2018

Investment Performance Key Information 1

Holding Name	3 Months(%)	6 Months(%)	1 Year(%)	Since InceptionReturn2 (% p.a.)
NTA Return(Pre Tax)	10.94	18.71	31.42	20.24
Hurdle(RBA Cash Rate +4.25%)	1.42	2.86	5.75	5.91
Excess ReturnNTA Return (Pre Tax) -RBA Cash Rate +4.25%	9.52	15.85	25.67	14.33

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

Investment Commentary

The pre-tax undiluted NTA for the month of January declined by 1.18% to $1.5313. Portfolio activity was relatively low with the only significant activity reflected in our increased exposure to Aurelia Metals Ltd (AMI) due in part to our participation in an equity placement that assisted in the funding of the Peak Mine acquisition which we see as being materially accretive to the overall intrinsic worth of AMI. We continue to oppose Boardriders Inc. derisory offer for Billabong and are in discussions with various parties in relation to alternative proposals. Once we are in receipt of the Independent Experts Report and associated Scheme Documents together with the important Christmas trading period update (all of which are due over the coming week or so) we expect to be in a position to report to you in more detail regarding next steps. Portfolio cash holdings for the period declined slightly in nominal terms as we took up the second equity tranche entitlement in AMI (aforementioned). We continue to trim selected positions where valuations have met or exceeded our view of intrinsic worth which will add both nominally and relatively to cash weightings over the coming month(s).

About Ryder Capital Limited

Portfolio Holdings > 5% weighting

Company	Industry
Updater Inc	Technology Services
Billabong Int Ltd	Apparel / Retail
NextDC Ltd	Digital Infrastructure
Aurelia Metals Ltd	Mining
Codan Ltd	Electronics / Comms
SRG Ltd	Engineering
Topbetta Hld Ltd	Technology / Gaming
Bigtincan Hld Ltd	SAS / Sales Enablement
Cumulative Weighting	69.3%

Investment Strategy & Objectives

• 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

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	$58.2m
Market Cap	$48.0m
Share Price	$1.32
NTA Pre Tax	$1.5313
NTA Post Tax	$1.3945
Shares on Issue	36,326,024
Initial options on issue	36,828,500
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