Title: PowerPoint Presentation URL Source: https://is.gd/3mYddx Published Time: Thu, 08 May 2025 13:41:08 GMT Markdown Content: NAV PER SHARE TOTAL RETURN (1) # 0.5% 0.2% 10.9% 9.9% 10.6% Monthly Year to Date 5 Years Annualised 10 Years Annualised Since IPO Annualised # Monthly NAV Per Share Progression (USD) (4) # Key Performance Metrics DIVIDENDS (3) # XD 5 May 2025 $0.1100 3.1% -7.7% Next Dividend: Q1 2025 Last Dividend: Q4 2024 Dividend Yield Dividend 5-Year CAGR INVESTMENT RETURNS / RETURN ON EQUITY (2) # 0.8% 0.8% 11.3% Monthly Year to Date Annual average since IPO # Monthly Factsheet | 31 March 2025 Tetragon Financial Group Limited T e t r a g o n F i n a n c i a l G r o u p L i m i t e d | Mo n t h l y F a c t s h e e t 1 At Tetragon, we seek to provide stable returns to investors across economic cycles and market conditions. Tetragon is a Guernsey closed-ended investment company. Its non-voting shares are listed on Euronext in Amsterdam N.V. and also traded on the Specialist Fund Segment of the Main Market of the London Stock Exchange. Our investment manager is Tetragon Financial Management LP. Find out more at www .tetragoninv.com . Net Asset Value: $3,191m Fully Diluted NAV Per Share: $35.38 Share Price*: $14.25 Shares Outstanding**: 90.2m Stock Tickers: TFG NA / TFG LN / TFGS LN *Based on TFG.NA. **Fully diluted shares outstanding. Asset Classes NAV at 28 Feb 2025 Additions Disposals/ Receipts Gains/ (Losses) NAV at 31 Mar 2025 Private equity in asset management companies 1,558.9 26.0 (5.0) 4.8 1,584.7 Event-driven equities, convertible bonds and other hedge funds 572.9 - (1.5) (4.5) 566.9 Bank loans 141.6 1.3 (0.8) (4.1) 138.0 Real estate 128.3 2.4 - (5.4) 125.3 Private equity and venture capital 853.6 3.6 (53.3) 58.0 861.9 Legal assets 52.7 - - 0.1 52.8 Other equities and credit 225.3 32.1 - (17.5) 239.9 Net cash (361.0) - (17.6) - (378.6) Total 3,172.3 65.4 (78.2) 31.4 3,190.9 35.32 0.35 (0.07) (0.11) (0.11) 35.38 30.50 32.50 34.50 36.50 NAV at 28 February 2025 Investment income and gains / losses Operating expenses, management and incentive fees Dividends Other share dilution NAV at 31 March 2025 # Investment Summary by Asset Class (5) All figures below are in millions of USD Detailed Investment Review 31 March 2025 Year to Date T e t r a g o n F i n a n c i a l G r o u p L i m i t e d | Mo n t h l y F a c t s h e e t 2 (i) Any gains or losses on foreign exchange hedging instruments attributable to a particular strategy or sub-asset class have been included in “additions” or “disposals/ receipts” respectively. For example, where a hedging gain or loss is made, this will result in either cash being received or paid, or cash being receivable or payable, which is equivalent to a receipt or disposal. (ii) Assets characterised as “other equities and credit” consist of investment assets held directly on the balance sheet. For certain contracts for difference (CFD), gross value or required margin is used. Under IFRS, these CFDs are held at fair value which is the unrealised gain or loss at the reporting date. Payments and receipts on the same investment have been netted off against each other. (iii) Net cash consists of: (1) cash held directly by Tetragon, (2) excess margin held by brokers associated with assets held directly by Tetragon, and (3) cash held in certain designated accounts related to Tetragon’s investments, some of which may only be used for designated purposes without incurring significant tax and transfer costs, and (4) adjusted for all other assets and liabilities at the reporting date including any drawn amounts on the revolving credit facility. Asset Classes NAV at 31 Dec 2024 Additions Disposals/ Receipts (i) Gains/ (Losses) NAV at 31 Mar 2025 % of investments Private equity in asset management companies Equitix 922.4 13.4 (9.4) 36.1 962.5 27.0% BGO 290.2 - (4.6) (6.4) 279.2 7.8% LCM 223.6 - - (19.9) 203.7 5.7% Platform and other asset managers 136.6 28.0 (9.3) (16.0) 139.3 3.9% Event-driven equities, convertible bonds and other hedge funds Westbourne River Event Fund - Low Net 306.5 - - (17.8) 288.7 8.1% Westbourne River Event Fund - Long Bias 157.3 4.5 - (5.6) 156.2 4.4% Acasta funds 97.1 - - 2.6 99.7 2.8% Other hedge funds 24.5 - (0.1) (2.1) 22.3 0.6% Bank loans U.S. CLOs 89.7 - (6.2) (12.7) 70.8 2.0% Tetragon Credit Partners funds 76.1 1.3 (4.8) (5.4) 67.2 1.9% Real estate BGO Europe funds and co-investments 45.5 2.6 (0.3) 1.2 49.0 1.4% BGO U.S. funds and co-investments 28.2 0.2 (0.2) (7.1) 21.1 0.6% BGO Asia funds and co-investments 21.4 - - (1.1) 20.3 0.6% Other real estate 34.9 0.1 - (0.1) 34.9 1.0% Private equity and venture capital Hawke's Point funds and co-investments 198.4 2.8 (53.3) 117.2 265.1 7.4% Banyan Square funds 162.4 5.0 - - 167.4 4.7% Other funds and co-investments 170.9 3.4 (0.1) 5.4 179.6 5.0% Direct 254.9 - (14.6) 9.5 249.8 7.0% Legal assets Contingency Capital funds 51.5 - (0.6) 1.9 52.8 1.5% Other equities and credit (ii) Other equities 220.0 61.5 (6.0) (35.6) 239.9 6.7% Cash Net cash (iii) (339.1) - (39.5) - (378.6) Total 3,173.0 122.8 (149.0) 44.1 3,190.9 100.0% # Monthly Factsheet | 31 March 2025 Tetragon Financial Group Limited First Quarter 2025 Review > T e t r a g o n F i n a n c i a l G r o u p L i m i t e d | Mo n t h l y F a c t s h e e t 3 >  Tetragon’s NAV: NAV increased by $17.9 million during the first quarter of 2025, driven by net income of +$24.4 million, and -$6.5 million of dividends and other capital items. The net income comprises +$44.1 million of investment gains, -$13.5 million of operating expenses and management fees, and -$6.2 million of interest expense. >  Largest performance drivers: Significant positive contributions primarily came from (1) Hawke’s Point funds and co-investments (+$117.2 million) primarily due to a combination of realised and unrealised gains in one of its Australian gold mining project investments; (2) the investment in Equitix (+$36.1 million), driven by (a) +$12.5 million gain due to a higher valuation as the business continued to grow, (b) +$9.4 million of dividend income received from Equitix, and (c) +$14.2 million foreign exchange gains as GBP gained against USD. >  The largest detractors during the quarter comprised: (1) other equities (-$35.6 million) driven by losses in biotech positions and a workflow automation company that we believe is well-positioned to benefit from AI-related tailwinds; (2) the investment in LCM as part of “private equity in asset management companies” (-$19.9 million) as existing deals continue to amortise and the valuation reflected the impact of the reduction in the AUM; and (3) the investment in the Westbourne River Event Fund - Low Net (-$17.8 million), which had a mark-to-market loss in a company which traded down alongside other clean energy stocks due to the uncertainty around the Trump administration’s changes to emission reduction initiatives, and the European market hedge which lost money when European markets surged in January. >  Additions, disposals, and receipts: Tetragon made additional investments of $122.8 million, including $61.5 million in other equities and $28.0 million in TFG Asset Management platform and other asset managers. Receipts from investments totalled $109.5 million including $53.3 million from Hawke’s Point funds and $14.6 million from Ripple. >  Cash: Tetragon’s cash balance as at 31 March 2025 was $4.2 million. Its net cash balance, which is cash adjusted for known accruals and liabilities (short and long-dated), was -$378.6 million. Tetragon has in place a $400 million revolving credit facility with a maturity date in July 2032, of which $350 million was drawn at 31 March 2025; this liability has been incorporated into the net cash balance calculation. >  TFG Asset Management: AUM for TFG Asset Management was $39.7 billion at 31 March 2025. (6) Headcount was approximately 550 at the end of the first quarter (excluding BGO). >  Dividends: As set forth in a separate Tetragon announcement, the Board of Directors declared a dividend of $0.11 per share in respect of the first quarter of 2025. # Monthly Factsheet | 31 March 2025 > Tetragon Financial Group Limited # NAV Per Share Total Return and Share Price Total Return Since IPO (7) # Geographic Breakdown (9) T e t r a g o n F i n a n c i a l G r o u p L i m i t e d | Mo n t h l y F a c t s h e e t 4 Currency Exposure : Tetragon is a U.S. dollar-based fund and reports all of its metrics in U.S. dollars. Note that currently some of the Equitix GBP denominated exposure is not hedged back to U.S. Dollars. # Top 10 Holdings # Investment Breakdown (8) 512% 308% 232% 119% 162% (100%) 0% 100% 200% 300% 400% 500% > Apr-07 > Dec-07 > Aug-08 > Apr-09 > Dec-09 > Aug-10 > Apr-11 > Dec-11 > Aug-12 > Apr-13 > Dec-13 > Aug-14 > Apr-15 > Dec-15 > Aug-16 > Apr-17 > Dec-17 > Aug-18 > Apr-19 > Dec-19 > Aug-20 > Apr-21 > Dec-21 > Aug-22 > Apr-23 > Dec-23 > Aug-24 TFG NAV per share (TR)(i) TFG Share Price (TR)(ii) MSCI ACWI (TR)(iii) TFG SOFR-based performance hurdle(iv) FTSE All-Share Index (TR)(iii) Holding Asset Class Value ($ millions) % of Investments 1 Equitix Private equity in asset management company 962.5 27.0% 2 Westbourne River Event Fund - Low Net Event-driven equities 288.7 8.1% 3 BGO Private equity in asset management company 279.2 7.8% 4 Hawke's Point Fund 1 Private equity and venture capital 248.6 7.0% 5 Ripple Labs Inc. - Series A & B Preferred Stock Private equity and venture capital 239.5 6.7% 6 LCM Private equity in asset management company 203.7 5.7% 7 Westbourne River Event Fund - Long Bias Event-driven equities 156.2 4.4% 8 Banyan Square Fund 1 Private equity and venture capital 144.3 4.0% 9 Acasta Global Fund Convertible bonds and credit 95.4 2.7% 10 Public U.S. equity Other equities 92.7 2.6% TOTAL 76.0% > Mar-25 # Monthly Factsheet | 31 March 2025 Tetragon Financial Group Limited ## 44% 16% 4% 4% 24% 1% 7% Private equity in asset management companies Event-driven equities, convertible bonds, other hedge funds Bank loans Real estate Private equity and venture capital Legal assets Other equities and credit North America Europe Asia Pacific Latin America 40% 50% 9% 1% Important Information Investment manager: Tetragon Financial Management LP Ongoing charges (1 1) (including management fee): 1.72% Principal and employee ownership (10 ): 38.3% Fund domicile and type: Guernsey closed-ended investment company Annual management fee: 1.5% Administrator and Registrar: TMF Group Fund Services (Guernsey) Limited Performance fee: 25% over the hurdle rate Brokers: J.P. Morgan Cazenove, Jefferies International Limited Hurdle rate: 3-month term SOFR plus 2. 747858 % Restrictions on ownership: Tetragon’s non-voting shares are subject to restrictions on ownership by U.S. persons and are not intended for European retail investors. (12) T e t r a g o n F i n a n c i a l G r o u p L i m i t e d | Mo n t h l y F a c t s h e e t 5 T etragon Investor Relations Yuko Thomas ir@tetragoninv.com +44 20 7901 8328 Press Inquiries Prosek Partners pro-tetragon@prosek.com U.K. +44 203 890 9193 U.S. +1 212 279 3115 This Monthly Factsheet does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of Tetragon have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States or to U.S. persons unless they are registered under applicable law or exempt from registration. Tetragon does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, Tetragon has not been and will not be registered under the U.S. Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act. Tetragon is registered in the public register of the Netherlands Authority for the Financial Markets under Section 1:107 of the Financial Markets Supervision Act as an alternative investment scheme from a designated country. Notes: Tetragon Financial Group Limited is referred to in this Monthly Factsheet as Tetragon. (1) NAV Per Share Total Return (NAV Total Return) month to date and year to date as of the date of this Monthly Factsheet; annualised to the date of this Monthly Factsheet over the last five years, the last ten years, and since Tetragon’s initial public offering in April 2007. NAV Total Return is determined in accordance with the “NAV total return performance” calculation as set forth on the Association of Investment Companies (AIC) website. Tetragon’s NAV Total Return is determined for any period by calculating, as a percentage return on the Fully Diluted NAV Per Share (NAV Per Share) at the start of such period, (i) the change in NAV Per Share over such period, plus (ii) the aggregate amount of any dividends per share paid during such period, with any dividend deemed reinvested at the NAV Per Share at the month end date closest to the applicable ex-dividend date (i.e., so that the amount of any dividend is increased or decreased by the same percentage increase or decrease in NAV Per Share from such ex-dividend date through to the end of the applicable period). NAV Per Share is calculated as Net Assets divided by Fully Diluted Shares Outstanding. Source: Tetragon. (2) Return on Equity is calculated as Adjusted Net Income divided by Net Assets at the start of the year. Over longer time horizons, Tetragon’s returns will most likely reflect sensitivity to the underlying short term risk-free rate regime. Therefore, after periods of transition to high-SOFR environments, Tetragon should achieve higher sustainable returns; after periods of transition to low-SOFR environments, Tetragon should achieve lower sustainable returns . The “Annual Average Since IPO” figure includes the current year. (3) The dividend yield represents the last four quarterly dividends divided by the TFG NA share price at the date of this Monthly Factsheet. The dividend yield and the 5-year Compound Annual Growth Rate (CAGR) include the latest declared dividend in their calculation. (4) With the exception of share repurchases (when applicable), all of the Fully Diluted NAV Per Share movements in the table are determined by reference to the fully diluted share count at the start of the period. Other share dilution/accretion captures the impact of, where applicable, and among other things: scrip dividends and additional recognition of equity-based compensation shares. (5) Any gains or losses on foreign exchange hedging instruments attributable to aparticular strategy or sub-asset class have been included in “Additions” or “Disposals/Receipts”, respectively. For example, where a hedging gain or loss is made, this will result in either cash being received or paid, or cash being receivable or payable, which is equivalent to a receipt or disposal. Net cash is calculated as the cash balance adjusted for all other net assets/(liabilities) as at the reporting date including any drawn amounts on the revolving credit facility. (6) Includes the AUM of LCM, BGO, Westbourne River Partners, Acasta Partners, Equitix, Hawke’s Point, Tetragon Credit Partners, Banyan Square Partners, Contingency Capital and TCICM. Includes, where relevant, investments by Tetragon. The AUM of Westbourne River Partners, Acasta Partners, Hawke’s Point and Banyan Square Partners is as calculated by the applicable fund administrators. The AUM for LCM and TCICM is the aggregate value of collateral in each CLO as determined the applicable trustee. The AUM for Equitix and Tetragon Credit Partners is based on committed capital. The AUM for Contingency Capital is the sum of uncalled committed capital and the NAV as calculated by the applicable administrator. The AUM for BGO represents Tetragon’s pro rata share (12.86%) of BGO AUM at 31 December 2024 ($83.1 billion). Equitix AUM uses the USD-GBP exchange rate at 31 March 2025. TCICM (which comprises TCI Capital Management II LLC and TCI Capital Management LLC) acts as a CLO collateral manager for certain CLO investments and had AUM of $1.5 billion at 31 March 2025. (7) Label numbers have been rounded. (i) NAV Per Share Total Return as of the date of this Monthly Factsheet since Tetragon’s initial public offering in April 2007. See Note 1 for further information. (ii) Total shareholder return to the date of this Monthly Factsheet, defined as share price appreciation including dividends reinvested since Tetragon’s initial public offering in April 2007; sourced from Bloomberg. (iii) Any Indices and other financial benchmarks are provided for illustrative purposes only. Comparisons to indices have limitations because, for example, indices have volatility and other material characteristics that may differ from the fund. Any index information contained herein is included to show general trends in the markets in the periods indicated, is not meant to imply that these indices are the only relevant indices and is not intended to imply that the portfolio or investment was similar to any particular index either in composition or element of risk. The indices shown here have not been selected to represent an appropriate benchmark to compare an investor's performance, but rather is disclosed to allow for comparison of the investor's performance to that of certain well-known and widely-recognised indices. The volatility of the indices may be materially different from the individual performance attained by a specific investor. In addition, the fund's holdings may differ significantly from the securities that comprise the indices. The “MSCI ACWI Index” refers to the MSCI All Country World Index (USD) which captures large and mid-cap representation across 23 developed markets and 24 emerging markets countries. With 2,647 constituents, the index covers approximately 85% of the global investable equity opportunity set. Further information relating to the index constituents and calculation methodology can be found at www.msci.com/acwi. The FTSE All-Share Index represents 98-99% of U.K. market capitalisation and is the aggregate of the FTSE 100, FTSE 250 and FTSE Small Cap indices. Further information relating to the index constituents and calculation methodology can be found at https://www.lseg.com/en/ftse-russell/indices/uk. (iv) Cumulative return determined on a quarterly compounding basis using the actual Tetragon quarterly incentive fee SOFR based hurdle rate. In the period from IPO to June 2008 this was 8%; July 2008 to June 2023, this was three-month USD LIBOR rate on the first day of each calendar quarter, plus a spread of 2.647858%; thereafter, the hurdle rate has been determined using the three-month term SOFR rate on the first day of each calendar quarter, as sourced from Bloomberg, plus a spread of 2.747858%. (8) Assets characterised as “other equities and credit” consist of investment assets held directly on the balance sheet. For certain contracts for difference (CFD), gross value or required margin is used. Under IFRS, these CFDs are held at fair value which is the unrealised gain or loss at the reporting date. Payments and receipts on the CFDs have been netted off against each other. (9) Event-driven equities, convertible bonds, other hedge funds, ‘private equity and venture capital’, ‘legal assets’, and ‘other equities and credit’ investments are based on the geographies of the underlying portfolio assets. U.S. CLOs and Tetragon Credit Partners funds (bank loans) are treated as 100% North America. In ‘private equity in asset management companies’, LCM, Tetragon Credit Partners, Banyan Square Partners, and Contingency Capital are treated as 100% North America; Acasta Partners as 80% Europe and 20% North America; BGO as 66% North America, 24% Europe, 10% Asia-Pacific; Westbourne River Partners and Equitix as 100% Europe; and Hawke’s Point as 100% Asia-Pacific. (10) Shareholdings at 31 March 2025 of the principals of Tetragon’s investment manager and employees of TFG Asset Management, including all deferred compensation arrangements (other than with respect to shares that are subject to performance criteria). Please refer to the Tetragon Financial Group Limited 2024 Audited Financial Statements for more details of these arrangements. (11) Annual calculation as at 31 December 2024. The ongoing charges figure is calculated as defined by the AIC, and comprises all direct recurring expenses to Tetragon expressed as a percentage of average Net Assets, and includes the annual management fee of 1.5%. (12) Please see https ://www.tetragoninv.com/shareholders/additional-information . ** Tetragon Legal Shares Issued and Outstanding: 139.7 million. # Monthly Factsheet | 31 March 2025 Tetragon Financial Group Limited