Tetragon Financial Group Limited (TFG) Monthly Update For April 2011

LONDON, May 18, 2011 - 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, 2011

(Amounts provided are unaudited and subject to change)

                                          (in millions except per share data)
    Estimated Fair Value of Investments:  $1,210.6
    Cash and Cash Equivalents:              $106.1
    Net Other Assets/ (Liabilities):          $4.5
    Estimated Net Asset Value:            $1,321.2
    TFG Shares Outstanding:                  131.4
    Net Asset Value per Share: (2)          $11.06

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.

———————————

[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 8.02 million shares held in treasury and 3.91 million
shares held by a subsidiary.

                              Portfolio Composition

         Portfolio Held by Tetragon Financial Group Master Fund Limited
                            (unless otherwise stated)
                              As of April 30, 2011

    Report Date      TFG     TFG      TFG           No. of Closed CLO
                    Share   group    group             Transactions
                    Price   Market    Net
                     ($)     Cap     Assets
                           ($MM)(1)  ($MM)
    30 April 2011   $7.60   $998.3  $1,321.2              74(2)

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

    Broadly Syndicated Senior Secured Loans: US         72.3%      $871.3
    Broadly Syndicated Senior Secured Loans: Europe     13.2%      $158.8
    Middle Market Senior Secured Loans: US              14.5%      $175.0
    CDOs Squared: US                                     0.0%        $0.0
    ABS and Structured Finance: US                       0.0%        $0.0

                          Total                        100.0%    $1,205.1

    Geographic Allocation by Asset Class      USA   Europe  Asia   Total
                                                           Pacific

    Broadly Syndicated Senior Secured Loans   84.6%  15.4%   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%

                                              86.8%  13.2%   0.0%   100.0%

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

    Univision Communications                                  0.90%
    Community Health                                          0.89%
    HCA Inc                                                   0.84%
    First Data Corp                                           0.80%
    Charter Communications                                    0.79%
    TXU Corp                                                  0.73%
    Aramark Corp                                              0.72%
    SunGard Data Systems Inc                                  0.71%
    Cablevision Systems Corp                                  0.69%
    Federal-Mogul                                             0.65%
    Sabre Holdings Corp                                       0.65%
    Las Vegas Sands                                           0.62%
    Nielsen Company                                           0.58%
    Georgia Pacific Corp                                      0.58%
    Health Management Associates                              0.57%

    EUR-USD FX: 1.48
    (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 investments in LCM Asset Management LLC and GreenOak
        Real Estate LP
    (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.

    Expected Upcoming Events                 Date

    Q1 Dividend Payment Date                  May 24, 2011
    May 2011 Monthly Report          June 20, 2011 (approx)

    For further information, please contact:

    TFG:
    David Wishnow/Yuko Thomas
    Investor Relations
    ir@tetragoninv.com

    Press Inquiries:
    Brunswick Group
    Andrew Garfield/Gill Ackers/Pip Green
    +44-20-7404-5959
    polygon@brunswickgroup.com

PRN NLD

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