Tetragon Financial Group Limited (TFG) Monthly Update For December 2009

LONDON, January 19 - 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 December 31, 2009

    (Amounts provided are unaudited and subject to change)

                                          (in millions except per share data)
    Estimated Fair Value of Investments:   $655.2
    Cash and Cash Equivalents:             $174.5
    Net Other Assets/ (Liabilities):       $(22.9)
    Estimated Net Asset Value:             $806.8
    TFG Shares Outstanding:                 130.1
    Net Asset Value per Share:[2]           $6.47

    ---------------------------------

    [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 5.28 million shares held in treasury.

                               Portfolio Composition

           Portfolio Held by Tetragon Financial Group Master Fund Limited
                              (unless otherwise stated)
                               As of December 31, 2009

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

    31 December 2009           $3.91      $508.5       $806.8        61(2)

    Capital allocation by          Risk    Investment  Investment   Overall
        Asset Class               Capital     - Fair   - Amortized  Leverage
                                 Allocation   Value    Cost B/Fwd      (5)
                                             ($MM)(3)   ($MM)(4)

    Broadly Syndicated Senior
    Secured Loans: US               72.3%     $473.6      $710.0
    Broadly Syndicated Senior
    Secured Loans: Europe            6.7%      $43.8      $207.6
    Middle Market Senior
    Secured Loans: US               21.0%     $137.8      $175.5
    CDOs Squared: US                 0.0%       $0.0        $0.0
    ABS and Structured
    Finance: US                      0.0%       $0.0        $0.0 

    Total                          100.0%     $655.2    $1,093.1       0.81

    Geographic Allocation by Asset Class      USA   Europe    Asia     Total
                                                             Pacific

    Broadly Syndicated Senior Secured Loans  91.5%   8.5%     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%

                                             93.3%   6.7%     0.0%     100.0%

    Top 15 Underlying Bank Loan Credits                Bank Loan
                                                        Exposure
                                                          (6)

    Community Health                                     0.92%
    TXU Corp                                             0.85%
    HCA Inc                                              0.81%
    Univision Communications                             0.80%
    Georgia Pacific Corp                                 0.79%
    Aramark Corp                                         0.64%
    First Data Corp                                      0.63%
    Cablevision Systems Corp                             0.63%
    SunGard Data Systems Inc                             0.61%
    Calpine Corp                                         0.57%
    Nielsen Company                                      0.57%
    Celanese US Holdings LLC                             0.55%
    Sabre Holdings Corp                                  0.53%
    Mylan Laboratories                                   0.53%
    NRG Energy                                           0.52%

    EUR-USD FX: 1.43

    (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 4
        of these written-off transactions.
    (3) Equivalent to Investment in Securities at Fair Value in the US GAAP
        Financial Statements.
    (4) Investments at Amortized Cost less interest accrued since last
        payment date. Internal Rate of Return (IRR) x Amortized Cost B/Fwd
        determines CDO income.
    (5) Equals CDO Amortized Cost BFwd / Book Value.
    (6) 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 (net of any single name CDS hedges held
        against that credit).

                     Tetragon Financial Group Limited (TFG)
                        Monthly Update For December 2009

    Expected Upcoming Events                     Date

    January 2010 Monthly Report                  February 17, 2010 (approx)
    Q4 financial results and 2009 audited
    financial statements                         March 1, 2010
    Q4 dividend ex date                          March 1, 2010
    Q4 dividend record date                      March 3, 2010
    Quarterly investor call                      March 5, 2010
    February 2009 Monthly Report                 March 17, 2010 (approx)
    Q4 dividend payment date                     March 25, 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