Footnotes


  1. Tetragon commenced investing as an open-ended investment company in 2005, before its initial public offering in April 2007.
  2. The value of Tetragon’s assets, less any liabilities, as at ‌​​30 November 2022​‌. Source: Tetragon.
  3. Tetragon has engaged, and may continue to engage, in share repurchases in the market from time to time. Such purchases may, at appropriate price levels below NAV, represent an attractive use of Tetragon’s excess cash and an efficient means to return such cash to shareholders. Any decision to engage in share repurchases will be made by the investment manager, upon consideration of relevant factors, and will be subject to, among other things, applicable law and profits at the time. Tetragon also continues to explore other methods of improving the liquidity of its shares. Cumulative dividends paid includes the cash and stock dividends paid to shareholders, but excludes dividends declared on shares held in escrow.
  4. Shareholdings at 30 September 2022 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 2021 Audited Financial Statements for more details of these arrangements. Source: Tetragon.
  5. NAV per share total return (NAV Total Return) to 30 November 2022, 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. Please refer to Figure 12 of the most recent financial report for further details.
  6. Tetragon Financial Group Limited is referred to in this website as Tetragon. References to “we” are to Tetragon Financial Management LP, Tetragon’s investment manager.
  7. Euronext in Amsterdam is a regulated market of Euronext Amsterdam N.V. (Euronext Amsterdam). Tetragon’s ‘Home Member State’ for the purposes of the EU Transparency Directive (Directive 2004/109/EC) is the Netherlands.
  8. Tetragon seeks to return value to its shareholders, including through dividends and share repurchases. Decisions with respect to declaration of dividends and share repurchases may be informed by a variety of considerations, including (i) the expected sustainability of the company’s cash generation capacity in the short and medium term, (ii) the current and anticipated performance of the company, (iii) the current and anticipated operating and economic environment, (iv) other potential uses of cash ranging from preservation of the company’s investments and financial position to other investment opportunities and (v) Tetragon’s share price. Cumulative dividends paid includes the cash and stock dividends paid to shareholders, but excludes dividends declared on shares held in escrow.
  9. Includes the AUM of LCM, Polygon, Acasta Partners, Equitix, Hawke’s Point, Tetragon Credit Partners, Banyan Square Partners and TCICM, as calculated by the applicable fund administrators at 30 September 2022 and AUM for BentallGreenOak representing Tetragon’s pro rata share (12.86%) of BentallGreenOak AUM at 30 June 2022 ($80.0 billion). Includes, where relevant, investments by Tetragon Financial Group Limited.
  10. Tetragon seeks to deliver 10-15% Return on Equity (RoE) per annum to shareholders. RoE is calculated as: Adjusted Net Income divided by Net Assets at the start of the year. Tetragon’s returns will most likely fluctuate with LIBOR or an equivalent risk-free short term rate which directly flows through some of Tetragon’s investments; therefore, in high-LIBOR environments, Tetragon should achieve higher sustainable returns; in low-LIBOR environments, Tetragon should achieve lower sustainable returns. Please note that from 31 December 2021, LIBOR has been replaced by an appropriate alternate rate as advised by ISDA in the IBOR Fallbacks Protocol, although certain LIBOR settings will continue to be calculated and published using panel bank submissions until mid-2023. The target returns presented herein are hypothetical and do not reflect actual returns to any client or investor. Target and projected returns are based upon certain assumptions and the best judgment of Tetragon. Such assumptions are subject to change. Any change or inaccuracy in the assumptions will have a material impact on actual results, and it should not be assumed that any target returns shown herein will be achieved. Performance may vary materially from any hypothetical performance presented herein. Hypothetical returns have inherent limitations and prospective investors should not rely on any hypothetical performance shown herein. No representation is made that any investor will or is likely to achieve the results shown. The “Annual Average Since IPO” figure includes the current year.
  11. Products/mandates listed are not necessarily open for new investment and are not an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction, but to illustrate the TFG Asset Management platform strategy.
  12. Includes the AUM of LCM, BentallGreenOak, Polygon, Acasta Partners, Equitix, Hawke’s Point, Tetragon Credit Partners, Banyan Square Partners and TCICM, as calculated by the applicable fund administrators at 31 December of each year through 2021, and at 30 September 2022 (AUM of Tetragon Credit Partners represents committed capital). Includes, where relevant, investments by Tetragon Financial Group Limited. TCICM (which comprises TCI Capital Management II LLC and TCI Capital Management LLC) acts as a CLO collateral manager for certain CLO investments. It had AUM of $2.6 billion at 30 September 2022. The AUM for BentallGreenOak represents Tetragon’s pro rata share (12.86%) of BentallGreenOak AUM at 30 June 2022 ($80.0 billion). The 2019, 2020 and 2021 AUM for BentallGreenOak represents Tetragon’s pro rata share (12.86%) of BentallGreenOak AUM, and 100% of the AUM of the GreenOak joint venture for prior years. AUM for Tetragon Credit Partners includes, where relevant, investments from Tetragon, TCI II , TCI III and TCI IV. Polygon AUM Includes Polygon European Equity Opportunity Master Fund and associated managed account, Polygon Convertible Opportunity Master Fund, Polygon Global Equities Master Fund and Polygon Distressed Opportunities Master Fund, as calculated by the applicable fund administrator at 31 December of each year shown through 2021 and at 30 September 2022. Includes, where relevant, investments by Tetragon. The Polygon Distressed Opportunities Fund was closed in the third quarter of 2018. TFG Asset Management’s convertible business was rebranded as Acasta Partners on 1 March 2022 and the Polygon Convertible Opportunity Fund was renamed to Acasta Global Fund. Equitix AUM uses the USD-GBP exchange rate at 31 December of each year.
  13. NAV Per Share Total Return annualised to 30 November 2022 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.
  14. 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 appropriate benchmarks with which to compare an investor’s performance, but rather are 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, MSCI’s flagship global equity index, is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 24 emerging markets. As of May 2022, it covers more than 2,933 constituents across 11 sectors and approximately 85% of the free float-adjusted market capitalization in each market. The index is built using MSCI’s Global Investable Market Index (GIMI) methodology, which is designed to take into account variations reflecting conditions across regions, market cap sizes, sectors, style segments and combinations. 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 http://www.ftse.com/products/indices/uk. Source: Bloomberg. Label numbers have been rounded.
  15. NAV per share total return (NAV Total Return) to 30 September 2022, for the last year, 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. Please refer to Figure 12 of the most recent financial report for further details.  The “Annual Average Since IPO” figure includes the current year.
  16. The dividend yield represents the last four quarterly dividends divided by the TFG NA share price at 30 September 2022. The latest declared dividend is included in the calculation.
  17. The five-year Compound Annual Growth Rate (CAGR) figure is at 30 September 2022. The latest declared dividend is included in the calculation.
  18. Based on TFG.NA.
  19. Cumulative return determined on a quarterly compounding basis using the actual Tetragon quarterly incentive fee LIBOR-based hurdle rate.

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Tetragon’s shares have not been and will not be registered under the United States Securities Act of 1933. Consequently, Tetragon shares may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, “U.S. persons” as defined in Regulation S under the Securities Act absent registration or an exemption from registration under the Securities Act. No public offering of any Tetragon shares is being, or has been, made in the United States.

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Ownership by Persons in Europe

Tetragon’s non-voting shares are not intended for European retail investors. Tetragon anticipates that its typical investors will be institutional and professional investors who wish to invest for the long term in a predominantly income-producing investment and who have experience in investing in financial markets and collective investment undertakings and are capable themselves of evaluating the merits and risks of Tetragon shares and who 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.

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