RYDER CAPITAL LIMITED — Net Asset Value 2019

Mar 7, 2019

Net Tangible Asset & Monthly Investment Report

As at 28 February 2019

Investment Performance

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----- Start of picture text ----- 3 Months 6 Months 1 Year 3 Years Since Inception [(2) ] Since Inception [(2) ](%) (%) (%) (% p.a.) (%) (% p.a.)Gross Portfolio Performance 2.62 1.32 6.77 22.82 83.16 19.26Pre-tax Undiluted NTA Return [(3)] 2.20 0.43 3.64 17.53 59.45 14.54Pre-tax NTA Return [(1)] 0.37 -5.04 -4.52 14.38 46.92 11.85Hurdle(RBA Cash Rate + 4.25%) 1.39 2.81 5.75 5.80 21.60 5.86Excess Return [(4)]Pre-tax Undiluted NTA Return [(3)] - 0.81 -2.38 -2.11 11.73 37.85 8.69(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 and ignoring the dilutionary impact of unexercised outstanding RYDOA options.

2. Inception Date is 22 September 2015.

3. Pre-tax NTA return adjusted for exercised 26.7m RYDO options.

4. Excess Return will be calculated with reference to undiluted NTA return as of February 2019 to better reflect underlying fund performance consistent with the Manager’s performance measurement.

Portfolio Holdings > 5% weighting

Investment Commentary

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----- Start of picture text ----- Company IndustryAurelia Metals Ltd MiningUpdater Inc Technology ServicesCodan Ltd Electronics / CommsNextDC Ltd Digital InfrastructureSRG Global Ltd EngineeringCumulative Weighting 44.43%----- End of picture text -----

February’s pre-tax NTA rose by 2.3 cents per share or +1.6%. Positive performance contributions came from a broad number of our portfolio constituents with many smaller <5% weighted holdings contributing to overall performance. Of our larger disclosed holdings, only Aurelia Metals advanced. Negative contributions came from NextDC due to a perceived miss on 1H profit and FY19 guidance resulting in what we expect to be a short term sell off/period of weakness. SRG Global reported reasonable 1H results, but disappointingly downgraded FY19 based on specific project delays, resulting in 20%+ decline in the share price - this provided an opportunity to add materially to our position at attractive prices. Cash holdings decreased by $3.6m to $19.9m as we selectively deployed capital, finishing the month at a relative weight of 23.1%. We remain cautious on overall market direction in the short term resulting in a continued disciplined approach to deploying capital.

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 22 Sep, 2015Gross Assets $86.14mMarket Cap $78.43mShare Price $1.30NTA Pre Tax $1.4264NTA Post Tax $1.3433Shares on Issue 60,333,321Secondary Options 26,732,673ASX Option Code RYDOARYDOA Strike Price $1.50RYDOA Expiry 10 Dec, 2021----- End of picture text -----

Portfolio Asset Allocation

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----- Start of picture text ----- Cash23.1%Equities76.9%----- End of picture text -----

• 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 Manager’s 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 Manager’s success to date has been to minimise mistakes, ignore the crowd and back their judgement.

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 AFSL 328 971