RYDER CAPITAL LIMITED — Net Asset Value 2020

Aug 10, 2020

Net Tangible Asset & Monthly Investment Report

As at 31 July 2020

Investment Performance

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----- Start of picture text ----- 3 Months 6 Months 1 Year 3 Years Since Inception [(4) ] Since Inception [(4) ](%) (%) (%) (% p.a.) (%) (% p.a.)Gross Portfolio Performance 18.57 9.55 15.94 20.78 145.87 20.33Pre-tax Undiluted NTA Return [(1)] 14.73 7.40 12.19 15.93 102.67 15.64Pre-tax NTA Return [(2)] 14.73 7.55 12.35 12.99 87.74 13.84Hurdle(RBA Cash Rate + 4.25%) 1.12 2.27 4.86 5.43 30.46 5.62Excess ReturnPre-tax Undiluted NTA Return [(1)] - 13.61 5.12 7.33 10.49 72.21 10.02(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.

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 Manager’s performance measurement.

4. Inception Date is 22 September 2015.

Investment Commentary

Pre-tax NTA increased by 11.32 cents to $1.7513, an increase of 6.91%.

We continue to take a moderately cautious view of the market into the upcoming reporting season which we expect will contain several negative surprises and accordingly anticipate further market volatility and with it the opportunity to selectively deploy capital.

Performance was strong, led by gains in NextDC Limited, SRG Global Limited and 3P Learning Limited together with positive contributions from our active exposure to a select number of Australian gold producers which continue to benefit from the ongoing strength in the gold price.

Monthly activity was limited to trimming of selected exposures where price and valuation have converged. The Fund secured a small allocation in the 4DMedical Limited IPO, which has performed strongly since listing on 7 August and now represents an exposure of ~1.60% at market.

Investment Strategy & Objectives

• Absolute return, value driven fundamental approach

• Exceed RBA Cash rate + 4.25% p.a. over the medium to longer term

• Concentrated portfolio

Cash holdings increased on a nominal basis to $18.4m from $17.5m, whilst falling on a relative basis from 17.90% to 17.35%.

• 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 $106.05mMarket Cap $85.20mShare Price $1.45NTA Pre-Tax $1.7513NTA Pre-Tax Fully Diluted* $1.6727NTA Post-Tax $1.5668NTA Post-Tax Fully Diluted* $1.5459Shares on Issue 58,756,723Secondary Options 26,732,673ASX Option Code RYDOARYDOA Strike Price $1.50RYDOA Expiry 10 Dec, 2021----- End of picture text -----

*Based on unexercised outstanding 26.7m RYDOA options with strike price of $1.50

Portfolio Asset Allocation

Cash 17.35% Equities 82.65%

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

Peter Constable Chairman and Chief Investment Officer

David Bottomley Portfolio Manager / Director

Lauren De Zilva Analyst

Contact

Address Level 25, 88 Phillip Street Sydney NSW 2000

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

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