RYDER CAPITAL LIMITED — Net Asset Value 2019

Jan 10, 2019

Net Tangible Asset & Monthly Investment Report

As at 31 December 2018

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 -7.47 -6.39 -1.30 18.85 72.52 18.12Pre-tax Undiluted NTA Return [(3)] -7.93 -7.40 -3.72 13.76 50.50 13.30Pre-tax NTA Return [(1)] -11.24 -12.67 -11.19 10.75 38.84 10.54Hurdle(RBA Cash Rate + 4.25%) 1.42 2.86 5.75 5.83 20.51 5.86Excess ReturnPre-tax NTA Return [(1)] - -12.66 -15.52 -16.94 4.92 18.33 4.68(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 the exercise of 26.7m RYDO options.

Portfolio Holdings > 5% weighting

Investment Commentary

The undiluted pre-tax NTA for December decreased by -3.54% which after the dilutionary impact of 9,020,223 options being exercised decreased by -5.14% to $1.3480. Approximately 26.7m RYDO were exercised in total and 26.7m RYDOA issued accordingly. Dilution going forward will be relatively less on the expanded capital base and given the higher ($1.50) strike price for RYDOA. December saw a continuation of equity market weakness, particularly in smaller cap stocks where the ASX Small Ordinaries fell -4.18%. Ryder’s nominal NTA decline, while disappointing remains relatively sound during the recent period of sustained market weakness. Negative contributors for the month were broad across the portfolio, with no one decline worthy of highlight, and no one decline due to earnings revision. During the month, we again used price declines to add to newly initiated positions while adding selectively to existing holdings where price declines justified increased weightings. We have raised our investment thresholds to reflect the inconsistent and in some cases deteriorating outlook for earnings. Nominal cash holdings rose substantially as a material number of RYDO were exercised prior to December 10th, increasing cash holdings to ~$23.9m or 29.3% of the portfolio on a relative basis. Our large cash holdings put us in a sound position to capitalise on selective opportunities as they arise.

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----- Start of picture text ----- Company IndustryUpdater Inc Technology ServicesAurelia Metals Ltd MiningNextDC Ltd Digital InfrastructureCodan Ltd Electronics / CommsSRG Global Ltd EngineeringCumulative Weighting 42.72%----- 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

• ASX listed small/micro cap focus

• Medium to long term capital growth

Key Information

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----- Start of picture text ----- ASX Code RYDDate of Listing 22 Sep, 2015Gross Assets $81.42mMarket Cap $73.00mShare Price $1.21NTA Pre Tax $1.3480NTA Post Tax $1.2847Shares 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

Cash 29.3% Equities 70.7%

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 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.

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