Tetragon Financial Group Limited (TFG) Monthly Update For April 2010

LONDON, May 19, 2010 - Tetragon Financial Group Limited (TFG) is a Guernsey
closed-ended investment company traded on Euronext Amsterdam by NYSE Euronext
under the ticker symbol "TFG".

In this monthly update, unless otherwise stated, we report on
the consolidated business incorporating TFG and Tetragon Financial Group
Master Fund Limited.[1]

    Net Asset Value Estimates as of April 30, 2010
    (Amounts provided are unaudited and subject to change)

                                          (in millions except per share data)

    Estimated Fair Value of Investments:    $765.2
    Cash and Cash Equivalents:              $144.3
    Net Other Assets/ (Liabilities):        $(27.2)
    Estimated Net Asset Value:              $882.3
    TFG Shares Outstanding:                  130.3
    Net Asset Value per Share:[2]            $7.18

    [1] TFG invests substantially all its capital through a master fund,
        Tetragon Financial Group Master Fund Limited ("TFGMF") in which it
        holds a 100.0% share.
    [2] Excludes 7.44 million shares held in treasury.

                              Portfolio Composition
         Portfolio Held by Tetragon Financial Group Master Fund Limited
                            (unless otherwise stated)

                              As of April 30, 2010

    Report Date     TFG Share   TFG group   TFG group      No. of Closed
                    Price ($)  Market Cap   Net Assets   CLO Transactions
                                ($MM)(1)      ($MM)

    30 April 2010     $5.22      $680.0      $882.3            68(2)

    Capital Allocation by Asset Class                    Risk     Investment
                                                       Capital    Fair Value
                                                      Allocation ($MM)(3)(4)

    Broadly Syndicated Senior Secured Loans: US         75.0%       $573.6
    Broadly Syndicated Senior Secured Loans: Europe      7.9%        $60.1
    Middle Market Senior Secured Loans: US              17.2%       $131.6
    CDOs Squared: US                                     0.0%         $0.0
    ABS and Structured Finance: US                       0.0%         $0.0

                                          Total        100.0%       $765.2

    Geographic Allocation by Asset Class          USA  Europe   Asia   Total
                                                              Pacific

    Broadly Syndicated Senior Secured Loans      90.5%   9.5%   0.0%  100.0%
    Middle Market Senior Secured Loans          100.0%   0.0%   0.0%  100.0%
    CDOs Squared                                  0.0%   0.0%   0.0%    0.0%
    ABS and Structured Finance   			  0.0%   0.0%   0.0%    0.0%

                                                 92.1%   7.9%   0.0%  100.0%

    Top 15 Underlying Bank Loan Credits   Bank Loan
                                          Exposure
                                             (5)

    Community Health                        0.97%
    TXU Corp                                0.86%
    Univision Communications                0.85%
    HCA Inc                                 0.83%
    Georgia Pacific Corp                    0.77%
    First Data Corp                         0.73%
    Charter Communications                  0.71%
    Aramark Corp                            0.69%
    Cablevision Systems Corp                0.68%
    Calpine Corp                            0.65%
    SunGard Data Systems Inc                0.64%
    Celanese US Holdings LLC                0.61%
    Mylan Laboratories                      0.60%
    Sabre Holdings Corp                     0.60%
    Health Management Associates            0.59%

    EUR-USD FX:  1.33

    (1) Calculated using TFG shares outstanding and month end exchange price.
    (2) Excludes CDO-squared and ABS CDO transactions which were written off
        in October 2007. TFG continues to hold the economic rights to 3 of
        these written-off transactions.
    (3) Excludes TFG's investment in LCM Asset Management LLC.
    (4) Equivalent to Investment in Securities at Fair Value in the US GAAP
        Financial Statements.
    (5) Includes par amount of loans held directly by TFG and also loan
        exposures via TFG's investments in CLOs. With respect to CLO
        investments, calculated as a percentage of total corporate loan
        assets that TFG has exposure to based on its equity-based pro-rata
        share of each CLO's total portfolio. All calculations are net of
        any single name CDS hedges held against that credit.

                Tetragon Financial Group Limited (TFG)
                    Monthly Update For April 2010

    Expected Upcoming Events                     Date
    Q1 Dividend Payment Date                     May 26, 2010
    May 2010 Monthly Report                      June 16, 2010

This release 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 TFG have not been and will not be
registered under the US Securities Act of 1933 (the "Securities Act"), as
amended, and may not be offered or sold in the United States or to US persons
unless they are registered under applicable law or exempt from registration.
TFG 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, TFG has not been and will not be registered under the US Investment
Company Act of 1940, and investors will not be entitled to the benefits of
such Act. TFG is registered in the public register of the Netherlands
Authority for the Financial Markets under Section 1:107 of the Financial
Markets Supervision Act ("FMSA") as a collective investment scheme from a
designated country. This release constitutes regulated information
("gereglementeerde informatie") within the meaning of Section 1:1 of the
FMSA.

———————————

    For further information, please contact:

    TFG:                          Press Inquiries:
    David Wishnow/Yuko Thomas     Finsbury
    Investor Relations            Charles Chichester/Talia Druker/Rollo Head
    ir@tetragoninv.com            +44-20-7251-3801

For further information, please contact: TFG: David Wishnow/Yuko Thomas, Investor Relations, ir at tetragoninv.com; Press Inquiries: Finsbury, Charles Chichester/Talia Druker/Rollo Head, +44-20-7251-3801