RYDER CAPITAL LIMITED — Net Asset Value 2020

Jan 9, 2020

Net Tangible Asset & Monthly Investment Report

As at 31 December 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 -1.00 12.34 26.95 22.51 119.01 20.12Pre-tax Undiluted NTA Return [(3)] -0.88 9.64 22.96 17.35 85.02 15.47Pre-tax NTA Return [(1)] -0.88 9.75 23.26 14.34 71.14 13.39Hurdle(RBA Cash Rate + 4.25%) 1.24 2.55 5.42 5.64 27.03 5.75Excess ReturnPre-tax Undiluted NTA Return [(3)] - -2.12 7.09 17.54 11.71 57.99 9.72(RBA Cash Rate + 4.25%) [(4)]----- 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 dilution of the 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.

Investment Commentary

Pre-tax NTA increased by 2.38 cents per share to $1.6201 or +1.49% in December, despite the ASX All Ordinaries Accumulation (XAO Accumulation) closing out the calendar year with a negative 1.9% monthly return for December. Overall it was a very strong year for Australian equities with the XAO Accumulation returning 24.06%, just ahead of our 23.26% net pre-tax return, achieved with an average monthly cash weighting of 22.07% making for a pleasing risk adjusted return.

pivotal year in 2020. We continue to view the carrying value for UPD in the Ryder accounts as conservative and are working through a review process concurrently with the completion of the 1H accounts.

Cash holdings fell slightly to $19.4m and on a relative basis from 21.87% to 19.95% - noting consideration from the QMS Media Ltd Scheme of Arrangement once approved, will increase cash by a further $3.1m.

December’s performance was assisted through a material exposure to Macmahon Holdings Limited which continues to re-rate on the back of an improved earnings outlook. There were no noteworthy negatives during the month with little other portfolio activity warranting discussion.

Investment Strategy & Objectives

• Absolute return, value driven fundamental approach

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

Updater Inc. (UPD) announced the closing of their fundraising and associated acquisition in late December, and whilst somewhat elongated we feel that this outcome is positive and sets UPD up for a

• 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 $97.46mMarket Cap $84.36mShare Price $1.43NTA Pre-Tax $1.6201NTA Pre-Tax Fully Diluted* $1.5827NTA Post-Tax $1.4831NTA Post-Tax Fully Diluted* $1.4884Shares on Issue 59,197,580Secondary 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 19.95% Equities 80.05%

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

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

Address Level 25, 88 Phillip Street Sydney NSW 2000

Phone +61 2 8211 2791 Fax +61 2 8211 0555 Email enquiries@rydercapital.com.au