RYDER CAPITAL LIMITED — Net Asset Value 2020

Dec 6, 2020

Net Tangible Asset & Monthly Investment Report

As at 30 November 2020

Investment Performance

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----- Start of picture text ----- 3 Months 6 Months 1 Year 3 Years 5 Years Since Since(%) (%) (%) (% p.a.) (% p.a.) Inception [(4)] Inception [(4)](%) (% p.a.)Gross Portfolio Performance 6.05 26.63 30.54 21.73 22.93 180.63 21.97Pre-tax Undiluted NTA Return [(1)] 1.78 17.30 19.96 15.50 17.01 118.69 16.26Pre-tax NTA Return [(2)] 1.78 16.84 19.67 12.42 15.14 101.78 14.47Hurdle 1.09 2.22 4.64 5.29 5.53 32.38 5.55(RBA Cash Rate + 4.25%)Excess ReturnPre-tax Undiluted NTA Return(1) - 0.69 15.08 15.32 10.21 11.48 86.31 10.71(RBA Cash Rate + 4.25%) [(3)]----- End of picture text -----

1. Pre-tax NTA return adjusted for the dilution of the exercised 26.7m RYDO options and 1.7m RYDOA options.

2. 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.

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

4 Inception Date is 22 September 2015.

Investment Commentary

Pre-tax NTA increased by 10.01 cents to $1.8505 during the month, an increase of +5.72%.

Performance was led by strong gains in Betmakers Technology Group Limited, Janison Education Group Limited (JAN), Cash Converters Intl Limited and 3P Learning Limited (3PL). There were no notable detractors for the month.

During the month we disclosed a substantial shareholding in JAN of 6.51%, equivalent to a portfolio exposure of 5.55% at months end. Other activity included adding to our position in Aurelia Metals Limited by way of a capital raising and completing our exit from NextDC Limited and Fineos PLC - CDI.

Cash holdings were steady on a nominal basis at $11.5m and for now exclude 3PL which we previously considered to be a cash proxy (market value of ~$6.4m). The emergence of superior competing and alternative proposals for 3PL resulted in the November Scheme meeting proposal being voted down. As such we no longer consider it a cash proxy resulting in a cash exposure of 9.94%.

Key Information

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----- Start of picture text ----- ASX Code RYDDate of Listing 22 Sep. 2015Gross Assets $116.08mMarket Cap $94.86mShare Price $1.57NTA Pre-Tax $1.8505NTA Pre-Tax Fully Diluted* $1.7477NTA Post-Tax $1.6770NTA Post-Tax Fully Diluted* $1.6251Shares on Issue 60,417,223Secondary Options 25,072,173ASX Option Code RYDOARYDOA Strike Price $1.50RYDOA Expiry 10 Dec. 2021----- End of picture text -----

• Based on unexercised outstanding 25.1m RYDOA options with a strike price of $1.50.

Portfolio Asset Allocation

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----- Start of picture text ----- Cash9.94%Equities90.06%----- End of picture text -----

Investment Strategy & Objectives

· Absolute return, value driven fundamental approach · Concentrated portfolio · Exceed RBA Cash rate + 4.25% p.a. over the · ASX listed small/micro cap focus medium to longer term · Medium to long term capital growth

About Ryder Capital Limited

Investment Team

Peter Constable

Ryder Capital Limited (Company) was listed in September 2015 and is managed by Ryder Investment Management Pty Ltd (Investment Manager) a Sydney based boutique fund manager pursuing a high conviction value driven investment strategy specialising in small to mid-cap Australasian equities. The Investment Manager’s approach is differentiated by investing for the medium to longer term; being aligned as a significant shareholder in the Company; and being focused on generating strong absolute returns first and foremost. A key foundation to the Investment Manager’s success to date has been to minimise mistakes, ignore the crowd and back their judgement.

David Bottomley

Portfolio Manager / Director

Lauren De Zilva

Analyst

Contact

Address Level 25, 88 Phillip Street Sydney NSW 2000

Phone +61 2 8211 2791 Fax +61 2 8211 0570 Email enquiries@rydercapital.com.au

www.rydercapital.com.au ABN 74 606 695 854 AFSL 328 971