Tetragon Financial Group Limited

Good afternoon and thank you for joining Tetragon's 2023 Half-Yearly Investor Call. You're 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 of the company's website, www.tetragoninv.com. In addition, questions can be submitted online while watching the presentation. As a reminder, the call is being recorded. I will now turn you over to Paddy Deer to commence the presentation.

As one of the principals and founders of the investment manager of Tezcon Financial Group, I'd like to welcome you to our investor call, which will focus on the company's 2023 half-year results. Paul Gannon, our CFO, will review the company's financial performance for the period. Steve Prince and I will talk you through some of the detail of the portfolio and 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 are now available to download on our website. And if you are on the webcast, you can get them directly from the webcast portal. Before I go into the presentation, just a few reminders. First, Tetragon shares are subject to restrictions on ownership by U.S. persons and are not intended for European retail investors. And these are both described in more detail on our website. Tetragon 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 Tetragon 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, that may result from the investment. I'd 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, let me pass over to Paul.

Thanks, Paddy. Tetracon focuses on three key metrics when assessing how value is being created for and delivered to Tetracon shareholders. We look at how value is being created via NAV per share total return. We also look at investment returns measured as a return on equity. And we monitor how value is being returned to shareholders through distributions mainly in the form of dividends. Fully diluted NAV per share was $29.97 at the 30th of June, 23. After adjusting for dividends reinvested at the NAV, the NAV per share total return for the first half of the year was plus 1.7%. Since IPO in 2007, Tetragon has now achieved an annualised NAV per share total return of plus 10.5%. For monitoring investment returns, we use an first half of 23 netable fees and expenses. The average ROE achievements IPO is now at 4%, which is within the target range of 10 to 15. Moving on to the last key metric, dividends. Tetragon declared a dividend of 11 cents for the second quarter. which represents a dividend of 22 cents for the half year. Based on the June month end share price of $9.86, the last four quarters dividend represents a yield of approximately 4.5%. Now onto the NAVBridge. This breaks down into its component parts, the change in Tetragon's fully diluted NAVBridge share, which went from $29.69 at the end of 22 to $29.97 per share at 30th of June. Investment income increased now per share by 88 cents. Operating expenses, management and incentive fees reduced now per share by 26 cents with a further 13 cents per share reduction due to interest expense incurred on the revolving credit facility. On the capital side, gross dividends reduced NAV per share by 22 cents. There was a net dilution of 47 cents per share, which is labeled as other share dilution. This bucket primarily reflects the impact of dilution from stock dividends, plus the additional recognition of equity-based compensation shares. And this was offset by share repurchases, which were accretive to NAV per share by 48 cents. I will now hand back over to Paddy.