<SEC-DOCUMENT>0001193125-23-041700.txt : 20230217
<SEC-HEADER>0001193125-23-041700.hdr.sgml : 20230217
<ACCEPTANCE-DATETIME>20230217105257
ACCESSION NUMBER:		0001193125-23-041700
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230217
DATE AS OF CHANGE:		20230217
EFFECTIVENESS DATE:		20230217

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RITCHIE BROS AUCTIONEERS INC
		CENTRAL INDEX KEY:			0001046102
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13425
		FILM NUMBER:		23640870

	BUSINESS ADDRESS:	
		STREET 1:		9500 GLENLYON PARKWAY
		CITY:			BURNABY
		STATE:			A1
		ZIP:			V5J 0C6
		BUSINESS PHONE:		7783315500

	MAIL ADDRESS:	
		STREET 1:		9500 GLENLYON PARKWAY
		CITY:			BURNABY
		STATE:			A1
		ZIP:			V5J 0C6

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Deep Field Asset Management LLC
		CENTRAL INDEX KEY:			0001675187
		IRS NUMBER:				471751026
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		9355 WILSHIRE BOULEVARD
		STREET 2:		SUITE 350
		CITY:			BEVERLY HILLS
		STATE:			CA
		ZIP:			90210
		BUSINESS PHONE:		3104561000

	MAIL ADDRESS:	
		STREET 1:		9355 WILSHIRE BOULEVARD
		STREET 2:		SUITE 350
		CITY:			BEVERLY HILLS
		STATE:			CA
		ZIP:			90210
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>d443330dpx14a6g.htm
<DESCRIPTION>PX14A6G
<TEXT>
<HTML><HEAD>
<TITLE>PX14A6G</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE OF
EXEMPT SOLICITATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Submitted Pursuant to Rule <FONT STYLE="white-space:nowrap">14a-6(g)</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Name of the Registrant:</B> Ritchie Bros. Auctioneers Incorporated </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Name of Person Relying on Exemption:</B> Deep Field Asset Management LLC </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Address of Person Relying on the Exemption:</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9355 Wilshire Boulevard </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite 350 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Beverly Hills, CA 90210 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <B>Written Materials:</B> Attached
hereto as an exhibit is a press release and statement issued by Deep Field Asset Management LLC to the shareholders of Ritchie Bros. Auctioneers Incorporated, dated February&nbsp;16, 2023. This material is being submitted pursuant to Rule <FONT
STYLE="white-space:nowrap">14a-6(g)(1)</FONT> promulgated under the Securities Exchange Act of 1934, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PLEASE NOTE: Neither Deep Field Asset
Management LLC nor any fund advised by Deep Field Asset Management LLC is asking for your proxy card and cannot accept your proxy card. Please DO NOT send us your proxy card. </B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Deep Field Asset Management LLC Highlights Lack of Impartial Shareholder Support and Flaws
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>with Fairness Opinion in Proposed Ritchie Bros. Merger with IAA </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Proposed Merger Lacks Public Support from Credible, Impartial Shareholders </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Fairness Opinions from RBA&#146;s Advisors Use Pessimistic Stand-Alone Forecasts Rather Than </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Management&#146;s Evergreen Model to Justify Merger; New Fairness Opinions Should be Produced Using </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Evergreen Model, Current Market Conditions and 2022 Results </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Deep Field Urges RBA Shareholders Not to Fall for RBA Management&#146;s Magic Show and Send this Deal to </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>the Scrapyard by Voting AGAINST at RBA&#146;s Special Meeting on March&nbsp;14 </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>LOS ANGELES, CA &#150; February</B><B></B><B>&nbsp;16, 2023 &#150; </B>Deep Field Asset Management, LLC (&#147;DFAM&#148;), a California- based investment
adviser of funds that beneficially own 200,000 shares of Ritchie Bros. Auctioneers (&#147;RBA&#148;, or the &#147;Company&#148;), today issued its second letter urging RBA shareholders to reject RBA&#146;s
<FONT STYLE="white-space:nowrap">ill-</FONT> conceived merger with IAA Inc. (&#147;IAA&#148;). DFAM&#146;s latest letter highlights the lack of credible, impartial shareholder support for the transaction and concerns with forecasts used in the
fairness opinions delivered to RBA&#146;s Board of Directors and management team by RBA&#146;s financial advisors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DFAM intends to vote AGAINST the
transaction at RBA&#146;s Special Meeting of Shareholders on March&nbsp;14, 2023 and calls on all RBA shareholders to do the same. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The full text of the
letter is below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;16, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Fellow
Shareholders, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The evidence continues to mount that RBA&#146;s proposed acquisition of IAA (the &#147;Transaction&#148;) is terrible for RBA shareholders.
In this letter, we focus on how the Transaction&#146;s publicly supportive shareholders are neither credible nor impartial, and how the fairness opinions delivered by RBA&#146;s financial advisors attempt to justify the Transaction by using
pessimistic stand-alone forecasts rather than the Evergreen Model RBA management uses to describe its future prospects to shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For these
reasons, and the reasons detailed in our February 3<SUP STYLE="font-size:75%; vertical-align:top">rd</SUP> letter, DFAM intends to vote AGAINST the Transaction RBA&#146;s Special Meeting of Shareholders on March&nbsp;14, 2023. We urge all RBA
shareholders to do the same. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RBA Has Failed to Produce Credible, Impartial Supporters </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Amazingly, none of the four investors who have publicly supported the Transaction &#150; Starboard Value LP (&#147;Starboard&#148;), Ancora Holdings Group,
LLC (&#147;Ancora&#148;), Eagle Asset Management Inc. (&#147;Eagle Asset Management&#148;) and Independent Franchise Partners LLP (&#147;IFP&#148;) &#150; can be considered impartial, unconflicted owners of RBA. <B>Though they profess to represent
the interest of RBA shareholders, three of these four shareholders are also recent top twenty shareholders of IAA &#150; and the fourth, Starboard, is not aligned with RBA shareholders because of its
<FONT STYLE="white-space:nowrap">off-market</FONT> convertible preferred equity.</B> Shareholders like Deep Field &#150; who are only long RBA shares &#150; must consider that others&#146; support for the Transaction may in fact be driven by their
hope for a bailout of their positions in the weak and still weakening IAA business. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Let&#146;s look at each one individually. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Starboard </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As outlined in our February 3<SUP
STYLE="font-size:75%; vertical-align:top">rd</SUP>, 2023 letter, RBA paid an extraordinary price to buy Starboard&#146;s support for the Transaction. For its support, Starboard receives a clearly <FONT STYLE="white-space:nowrap">off-market</FONT>
preferred security with <U>virtually no downside, nearly all the upside, and guaranteed annual distributions roughly four times</U> <U>larger than RBA common shareholders currently receive per dollar</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Even if we ignore the &#147;Day 0&#148; windfall profit Starboard will receive, the nature of its convertible preferred equity misaligns Starboard&#146;s
interests from those of RBA common shareholders. Because of the convertible preferred security and the guaranteed annual distributions,<U> </U><B><U>Starboard&#146;s interests in RBA</U></B><B> </B><B><U>are best served when RBA takes as much risk
as possible</U></B><B>.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>More leverage, more execution risk, more volatility &#150; it all benefits Starboard, thanks to Starboard&#146;s upside
participation with downside protection, and it all comes at the expense of RBA common shareholders</B>. The Transaction is precisely one such needless and significant risk, and RBA common shareholders should reject it. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Ancora </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As an activist in IAA who we estimate<SUP
STYLE="font-size:75%; vertical-align:top">1</SUP> has a position in IAA nearly seven times larger than their position in RBA, <B>Ancora is poorly suited to argue the case from the perspective of RBA shareholders</B>. Based on our analysis, for every
1% move higher in IAA shares, Ancora can afford a 6.5% decline in RBA shares while still coming out ahead. In other words, if Ancora can help close the deal and IAA moves higher by 5%, RBA could fall 30% and Ancora would still be better off. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Despite the lopsided nature of their holdings and the obvious conflict therein, they have somehow become RBA management&#146;s public advocate in favor of the
Transaction. This is telling enough, but we additionally note the following contradictions in Ancora&#146;s public communications: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Ancora switched its initial opposition based on changes in the consideration to be paid to IAA.
</I></B>In a public letter dated November 14<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>, Ancora publicly stated it would &#147;<U>oppose the proposed deal unless the cash consideration and transaction terms materially improve</U>&#148;
and &#147;<U>urge[d] the IAA Board to pursue a modified transaction that includes, at a minimum, more cash consideration and a higher premium.</U>&#148; On December 15<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>, Ancora told IAA
management that it would no longer publicly criticize the Transaction and by December 21<SUP STYLE="font-size:75%; vertical-align:top">st</SUP>,<U> Ancora was &#147;stating its willingness to publicly support the transaction and rebut other public
criticisms of the deal.</U>&#148; IAA ultimately got more cash consideration but a lesser premium, and Ancora ceded its supposed minimum standard to support the Transaction. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Ancora reversed its position on the suitability of IAA board members. </I></B>On November 14<SUP
STYLE="font-size:75%; vertical-align:top">th</SUP>, Ancora pointed out that &#147;<U> IAA&#146;s Board has presided over dismal operating performance and numerous strategic lapses throughout its independent existence, leading us to believe many
shareholders would prefer to have the current IAA Board out of the picture altogether,</U>&#148; that </P></TD></TR></TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">According to Ancora&#146;s February 8<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Press Release,
Ancora owns approximately 4.0% of IAA and 0.5% of RBA </P></TD></TR></TABLE>

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&#147;<U>Mr.</U><U></U><U>&nbsp;Kett has led [IAA] to objectively poor performance and overseen a series of destructive</U> <U>capital allocation decisions,</U>&#148; and that &#147;<U>If past
performance is any indicator of future results, Mr.</U> <U>Kett and his &#145;institutional knowledge&#146; of IAA would be best left out of the newly combined</U> <U>entity&#146;s boardroom.</U>&#148; <B>Yet, in an about face on February 8</B><B><SUP
STYLE="font-size:75%; vertical-align:top">th</SUP></B><B>, Ancora enthusiastically supported all four of the current IAA Board members who will become new RBA directors, including Mr.</B><B></B><B>&nbsp;Kett, </B>who received Ancora&#146;s
affirmative endorsement for his expertise in insurance industry knowledge, transaction integration, strategic planning, and operations. After a year of lambasting IAA&#146;s Board generally and Mr.&nbsp;Kett specifically, <B>Ancora cynically flipped
its position to endorse these same people when closing the deal (presumably to ensure they could exit their underperforming IAA investment) was in their own best interest.</B> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Ancora&#146;s criticisms of Luxor appear misplaced. </I></B>Ancora publicly questioned Luxor&#146;s
motives, alleging without evidence that Luxor had taken short positions in IAA. Luxor has since denied this allegation. <B>The credible accusation of misplaced motives should be focused on Ancora. </B>Ancora purchased a 0.5% position in RBA as a
laughable attempt to disguise the fact that their much larger IAA position is bailed out by the Transaction. Indeed, we learned this week from Ancora&#146;s 13F filing that as of December 31<SUP STYLE="font-size:75%; vertical-align:top">st</SUP>,
2022, Ancora owned just barely more than 4,000 shares of RBA. Since they reported owning 0.5% of RBA as of February 8<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>, 2023, they must have bought approximately 550,000 shares in the first few
weeks of 2023. In other words, Ancora does not appear to have purchased meaningful RBA shares at the time of the Transaction&#146;s announcement in November, and <U>Ancora does not even appear to have purchased meaningful</U> <U>RBA shares at the
time they flipped and communicated &#147;willingness to publicly support the</U> <U>transaction and rebut other public criticisms of the deal&#148; in December</U>. Instead, their rush to acquire a large RBA stake appears all too conveniently to
have come only immediately prior their public statement in support of the Transaction, a time when it would have been useful to build credibility with &#147;fellow&#148; RBA shareholders in order to benefit their larger IAA position. Further, if
Ancora was restricted from transacting in RBA shares after approaching RBA management to work with them to publicly support the Transaction (which still would not have prevented them from buying shares in December, after supposedly turning positive
on the Transaction but prior to approaching RBA management), presumably any such restriction would have been lifted with the announcement of the Starboard Financing on January 23<SUP STYLE="font-size:75%; vertical-align:top">rd</SUP>. If this is the
case, considering standard <FONT STYLE="white-space:nowrap">two-day</FONT> settlement for stock trades, the earliest date on which Ancora could have settled its purchases of 0.5% of RBA shares and been eligible to vote those shares for the
Transaction is January 25<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> which so happens to be the record date set by RBA management, another fact which suddenly seems convenient. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Considering this evidence, it appears to us that Ancora has no real principled opinion with respect to the Transaction. </B>Instead, Ancora switches sides
of the table depending on its own extremely short-term interests. Ancora&#146;s initial pique now looks like a bluff meant to wring out more money from RBA; once called on this bluff, they became enthusiastic supporters of the Transaction. Long-term
RBA shareholders should pay no heed to investors with such flitting opinions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Eagle Asset Management </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">According to its Form 13F filings, as of September 30<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>, 2022, Eagle Asset Management held
2.2&nbsp;million shares of IAA and 3.2&nbsp;million shares of RBA. Given the closing prices on that date, this comes to a combined investment in RBA and IAA of approximately $274mm. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Eagle Asset Management came out in support of the Transaction in a Bloomberg article dated January 30<SUP
STYLE="font-size:75%; vertical-align:top">th</SUP>, but the same article revealed that Eagle Asset Management holds &#147;more than 2&nbsp;million Ritchie shares&#148; and &#147;was previously an IAA shareholder.&#148; If we interpret this statement
correctly, Eagle Asset Management likely now owns about 2&nbsp;million shares of RBA and no shares in IAA, meaning that since the Transaction was announced, Eagle Asset Management has reduced its combined investment in both businesses from $274mm to
$128mm. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Isn&#146;t it curious that Eagle Asset Management likes the Transaction so much that it cut its exposure to the businesses by more than half?
</B>We believe in following what people do to understand their true beliefs &#150; cutting exposure so significantly is a very unusual way of showing confidence in a transaction that creates meaningful shareholder value. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Independent Franchise Partners </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IFP&#146;s 13F for
December 31<SUP STYLE="font-size:75%; vertical-align:top">st</SUP>, 2022 shows that it purchased 2.8 million shares of RBA and 2.8 million shares of IAA in the fourth quarter, nearly tripling its exposure to the combined businesses. For this IFP
deserves credit &#150; they appear to be true believers, and that makes one. <B>However, anyone truly enthusiastic about IAA&#146;s business and the prospects of the Transaction could purchase IAA shares and soon receive equivalent RBA shares plus a
significant arbitrage spread.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If IFP wanted to own 2.8&nbsp;million more shares of RBA and believed the Transaction would close, it could have
instead bought 5.3&nbsp;million more shares of IAA and, were the deal to close, receive identical RBA shares plus a free $10mm+ bonus from the arbitrage spread closing. <B>By disproportionately growing their exposure to RBA/IAA via purchases of RBA
stock, IFP may have implicitly revealed a nagging belief that RBA shares could be better off if the deal did not close. </B>Regardless, IFP is irreconcilably conflicted as a representative of RBA shareholders by its extremely large position in IAA.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>None of the four public endorsements should convince shareholders who want the best specifically for RBA. </I><B>The dog that did not bark in this
case is the lack of a single unconflicted RBA common shareholder who has publicly demonstrated confidence in the Transaction.</B> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Recent Results Underscore Questionable Evaluation Process </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Another questionable factor underpinning the Transaction are the fairness opinions delivered by Goldman Sachs and Guggenheim Securities, RBA&#146;s financial
advisors. RBA management instructed these advisors to produce fairness opinions using $415mm, $443mm, $484mm, $532mm, and $601mm as Base Case Forecast Adjusted EBITDA for the fiscal years 2022, 2023, 2024, 2025, and 2026, respectively. <B>This view
is much worse than the Evergreen Model, which RBA uses with shareholders, suggests, compounding Adjusted EBITDA at less than 10% where the Evergreen Model implies Adjusted EBIT (which we assume is a reasonable proxy for Adjusted EBITDA) growth of <FONT
STYLE="white-space:nowrap">mid-teens</FONT> or better. </B>At the time, this already seemed unreasonably pessimistic, but <B>recent results make this forecast seem intentionally sandbagged.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>According to RBA&#146;s preliminary fourth quarter results, Adjusted EBITDA will be $120mm at the midpoint, up more than 20% from the comparable prior year
period, despite GTV approximately flat <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-on-year.</FONT></FONT> </B>Management noted on its third quarter earnings call that it expected fourth quarter GTV to be impacted by
&#147;as much as 500 basis points&#148; due to unfavorable foreign exchange, so the constant currency results are even better. This follows <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-on-year</FONT></FONT> increases in
Adjusted EBITDA of 44%, 11%, and 12% in the first, second, and third fiscal quarters of 2022, respectively, and totals to more than 20% Adjusted EBITDA growth for fiscal 2022 at the midpoint, despite negative impact from foreign exchange throughout
the year. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Despite the momentum in the standalone business, <U>RBA management appears to have stacked the deck</U>
<U>against themselves, giving its financial advisors an inexplicably pessimistic forecast. Of course, a very</U> <U>negative forecast would make the issuance of so much new stock more palatable in a financial analysis.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Removing an estimated share-based compensation addback to RBA&#146;s reported preliminary Adjusted EBITDA, we estimate the fiscal 2022 results comparable with
the fairness opinion forecasts will come to $428mm. RBA&#146;s Evergreen Model calls for Adjusted EBIT growth of at least <FONT STYLE="white-space:nowrap">mid-teens,</FONT> and if we assume Adjusted EBITDA grows at a comparable pace of 15%, slower
than what RBA realized in 2022 despite currency headwinds, we would expect that between fiscal 2022 and fiscal 2026 RBA&#146;s Adjusted EBITDA could progress from $428mm to $749mm. By comparison, the RBA Base Case which was used to justify the
fairness opinions shows Adjusted EBITDA at $601mm in 2026, and its Upside Forecast showed $711mm. After RBA&#146;s standalone successes in 2022, <U>the Upside Forecast RBA management gave its</U> <U>advisors is meaningfully below what we should
expect from results consistent with the lowest end of</U> <U>RBA&#146;s Evergreen Model.</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Considering the lowest end of the Evergreen Model and the
recently reported results, RBA should be growing EBITDA much faster off of a significantly higher base than the picture RBA management gave to its advisors to evaluate the Transaction. In the terminal year this comes to 25% more EBITDA which, given
faster growth, should be valued at a meaningfully higher multiple. In our opinion, such a wide gulf raises serious questions about whether the Transaction can be seen as &#147;fair&#148; by a financial advisor using these more appropriate Base Case
assumptions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In this context, <B>we challenge RBA&#146;s Board of Directors to take seriously their fiduciary responsibilities by demanding bring down
fairness opinions, based on current market conditions and using financial projections which reflect the <FONT STYLE="white-space:nowrap">now-reported</FONT> fiscal 2022 results, as well as forecasts for the future consistent with the midpoint of the
Evergreen Model to which RBA management has committed</B>. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RBA Shareholders Should Not Believe in Magic or Listen to <FONT
STYLE="white-space:nowrap">Non-Impartial</FONT> &#147;Supporters&#148; </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Vote to Scrap this Dilutive and Value-Destroying Deal
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">From the moment the Transaction was announced, it appeared that RBA shareholders would not be convinced on its merits. RBA CEO Ann Fandozzi has for
months described the Transaction as &#147;magical,&#148; but in response to unyielding shareholder criticism it is Ms.&nbsp;Fandozzi who has attempted to become a magician. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Fandozzi began the show as every magician does, by insisting that we trust her, even over the evidence of our eyes or our business sense. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Then, Ms.&nbsp;Fandozzi tried to divert the attention of her audience with the supposed endorsement of Starboard. But shareholders have sniffed out the
self-serving nature of the Starboard financing as completely misaligned with their own interests. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Next, Ms.&nbsp;Fandozzi tried to hypnotize members of the audience with $900mm of unrealistic and unfounded
&#147;revenue opportunities.&#148; But shareholders have dismissed these numbers as the na&iuml;ve work of fantasy they are. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For her final trick,
Ms.&nbsp;Fandozzi plans to make more than a billion dollars of shareholder value disappear. But we believe most RBA shareholders have already seen enough of this pastiche of a magic show, and will vote AGAINST the costly grand finale. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Transaction is not magical. Instead, magical thinking is exactly what is required to make this Transaction appear sensible for RBA shareholders.</B>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>We continue to urge all RBA shareholders to vote AGAINST the Transaction.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jordan Moelis, Managing Partner, Deep Field Asset
Management LLC </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Deep Field Asset Management LLC</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deep Field Asset Management LLC (&#147;DFAM&#148;) is a privately-held, independent investment adviser with $160&nbsp;million in assets under management as of
January&nbsp;31, 2023. DFAM manages a global concentrated investment fund that invests primarily in the small- and <FONT STYLE="white-space:nowrap">mid-cap</FONT> space. The Fund&#146;s objective is to back superior management teams pursuing
idiosyncratic, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">difficult-to-replicate</FONT></FONT> strategies wherein a market position or asset is leveraged to expand share and compound cash flow over a multi-year period.
Specifically, the Fund seeks to own &#147;category-defining&#148; assets with definitive advantages which we believe are characterized by features such as extraordinary brands, overwhelming market share, data supremacy and easily accessible adjacent
opportunities. The Fund was launched in 2015 by Jordan Moelis, the Fund&#146;s Portfolio Manager. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IMPORTANT NOTICE: </B>This material is for general
informational purposes only and is not intended to be relied upon as investment advice. The opinions expressed are those of DFAM of February&nbsp;16, 2023 and are subject to change at any time due to changes in market or economic conditions. The
information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. There is no guarantee that any forecasts
made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DFAM is the investment adviser for funds that
beneficially own 200,000 shares of RBA as of February&nbsp;16, 2023. Holdings are subject to change, and DFAM may buy shares of RBA or sell, including sell short, shares of RBA at any time. This communication is for informational purposes only and
should not be construed as a research report or as a recommendation to buy, sell or hold any particular security. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DFAM is not soliciting proxies relating
to the RBA shareholder meeting and does not have the authority to vote your proxy. DFAM urges RBA shareholders to vote against the Transaction. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing information also may be disseminated to shareholders via telephone, U.S. mail, <FONT
STYLE="white-space:nowrap">e-mail,</FONT> certain websites, and certain social media venues. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contacts</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hugh Burns / Paul Caminiti / Nicholas Leasure </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reevemark </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">deepfieldteam@reevemark.com </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">212-433-4600</FONT></FONT> </P>
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