Tetragon Fin Regulatory News (TFG)

London, UK, 29 November 2016

Edison issues review on Tetragon Financial Group (TFG)

Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG's 5.9% yield.

Since February 2016, TFG's share price discount to NAV has narrowed from 56.3% to 43.1%. While below its 12-month average of 47.9%, the discount is significantly wider than its three-year low of 30.3%, leaving scope for further narrowing of the discount to strengthen future shareholder returns. TFG's 5.9% dividend yield ranks as one of the highest in the Flexible Investment sector peer group.

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