Tetragon Financial Group Limited

Good afternoon. Thank you for joining Tetragon's half-year investor call. You are all in listen-only mode. The call will be accompanied by a live presentation, which can be viewed online by registering at the link provided in the company's conference call press release. This press release can be found on the homepage on the company's website, www.tetragoninv.com. In addition, questions can be submitted online while watching the presentation. As a reminder, this call is being recorded. I will now turn you over to Paddy Deer to commence the presentation.

Paddy Deer As one of the principals and founders of the investment manager of Tepscone Financial Group Limited, I'd like to welcome you to our investor call, which will focus on the company's 2022 half-yearly results. Paul Gannon, our CFO, will review the company's financial performance for the period. Steve Prince and I will walk through some of the detail of the portfolio and that performance. And Steve will spend some time discussing the outlook. As usual, we'll conclude with questions, those taken electronically via our web-based system at the end of the presentation, as well as those received since the last update. The PDF of the slides and now available to download on our website. And if you're on the webcast, directly from the webcast portal. As usual, before I go into the presentation, there are some reminders. First, Tetragon shares are subject to restrictions on ownership by US persons and are not intended for European retail investors. These are both described on our website. TETRACON anticipates that its typical investors will be institutional and professional investors who wish to invest for the long term in a capital appreciation and income-producing investment. These investors should have experience in investing in financial markets and collective investment undertakings and be capable themselves of evaluating the merits and risks of TETRACON shares. And they should have sufficient resources both to invest in potentially illiquid securities and to be able to bear any losses, which may equal the whole amount invested, and that may result from the investment. I'd also like to remind everyone that the following may contain forward-looking comments, including statements regarding the intentions, beliefs, or current expectations concerning performance and financial condition on the products and markets in which Tetragon invests. Our performance may change materially as a result of various possible events or factors. So with that, I'd like to pass over to Paul.

Thanks, Paddy. Tax Scotland continues to focus on three main performance metrics. We look at how value is being created via NAV for share total return. We also look at investment returns measured as a return on equity. And finally, we monitor how value is being returned to shareholders through distributions, mainly in the form of dividends. Fully diluted NAV for share was $28.59 at 30th of June, 22. After adjusting for dividends reinvested at the NAV, the NAV for share total return for the last 12 months was positive 10%. Looking at the first six months of 2022, it is minus 3.5%. And since IPO in 2007, TexCon has achieved an annualized NAV for share total return of plus 10.8%. For monitoring investment returns, we use an ROE calculation, which was minus 5% for the first half of the year, net of all fees and expenses. With reference to the long-term target range of 10% to 15%, the average ROE achieved since IPO is now positive 11.7%. Later on in the call, we'll give more colour as to how the individual asset classes have contributed so far this year. Finally, moving on to the last key metric, dividends. Petricon declared a dividend of 11 cents the second quarter, and which represents a dividend of 22 cents for the half year. Based on the quarter end share price of $10.40, the last four quarters dividend represents a yield of approximately 4.1 cents. Finally, on to the NAV bridge. This breaks down into its component part, change in technical and fully diluted NAV for share, which was $29.86 at the end of 21 to $28.59 for share at the end of June 22. Investment income and losses decreased NAV for share by $1.23. Operating expenses, management and incentive fees further reduced NAV for share by 25 cents with 5 cents per share reduction due to interest expense incurred on the revolving credit facility. On the capital side, gross dividends reduced for share by 22 cents, but there was a net accretion of 48 cents per share, which was the net accretion from the share buyback, less dilution from stock dividends, and the additional recognition of equity-based compensation shares. I will now hand it over to Paddy.