Tetragon Financial Group Limited

Good afternoon. Thank you for joining Tetragon's 2025 Half-Yearly 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 company's homepage of the company's website at 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?

As one of the principals and founders of the investment manager of Tetragon Financial Group Limited, I'd like to welcome you all to our investor call, which will focus on the company's 2025 first half results. Paul Gannon, our CFO and COO, 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 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 are now available to download on our website. And if you're on the webcast, directly from the webcast portal. Before I go into the presentation, some reminders. First, Tetragon shares are subject to restrictions on ownership by US persons and are not intended for European retail investors. And these are described in some detail on our website. Tetragon anticipates that its typical investors, will be institutional and professional investors who wish to invest for the long term and have experience in investing in financial markets and collective investment undertakings, who are capable themselves of evaluating the merits and risks of Tepscan shares and who have sufficient resources both to invest in potentially illiquid securities and to be able to bear any losses that may result from the investment, which may equal the whole of the amount invested. 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 the financial condition on the products and markets in which Tetragon invests. And our performance may change materially as a result of various possible events or factors. So, with that introduction, let me pass you over to Paul.

Thanks, Paddy. Tetragon continues to focus on three key metrics. when assessing how value is being created for and delivered to Tetragon shareholders. Firstly, how value is being created via NAV per share total return. Secondly, how investment returns are contributing to value creation measured as a return on equity or ROE. And finally, how value is being returned to shareholders through distributions mainly in the form of dividends. The fully diluted NAV per share was $38.74 as of 30th of June, 25. The NAV per share total return was 10% for the first half of 2025, and since its IPO in 2007, Tetracon has achieved an annualized NAV per share total return of 11%. For monitoring investment returns, we use an ROE calculation. which was positive 12.2% for the first half of 25, net of all fees and expenses. For comparison purposes, our target for a six-month period would be 5% to 7.5%, very significantly above. The average annual ROE achieved since IPO is now 11.8%, which is within the target range of 10 to 15%. Looking at the final key metric, Tetragon declared a dividend of 11 cents for the second quarter, which represents a dividend of 22 cents year to date. And based on the quarter end share price of $16.15, the last four quarters dividend represents a yield of approximately 2.7%. This next slide shows a NAV bridge breaking down into its component parts, the change in Tetragon's fully diluted NAV per share. which started the period at $35.43 and ended at $38.74 per share. Investment income increased NAV per share by $5.95 per share. Operating expenses, management and incentive fees reduced NAV per share by $1.52 with a further 14 cents per share reduction due to interest expense incurred on the revolving credit facility. On the capital side, Gross dividends reduced now for share by 22 cents. There was also a net dilution of 76 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. I will now hand back over to Paddy.