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

LONDON - 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 February 28, 2009
(Amounts provided are unaudited and subject to change)

(in millions except per share data)

Estimated Fair Value of Investments: $1,034.3
Cash and Cash Equivalents: $80.7
Net Other Assets/ (Liabilities):(2) $16.8
Estimated Net Asset Value: $1,131.8
TFG Shares Outstanding: 128.8
Net Asset Value per Share:(3) $9.01

(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) As of February 28, 2009, TFG had no net borrowings (cash and amounts
due from brokers exceeded total borrowings).
(3) Excludes 3.18 million shares held in treasury.

Portfolio Composition

Portfolio Held by Tetragon Financial Group Master Fund Limited
(unless otherwise stated)
As of February 28, 2009

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

28 $1.05 $135.3 $1,131.8 61(2)
February
2009

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

Broadly Syndicated Senior
Secured Loans: US 61.0% $630.8 $728.2
Broadly Syndicated Senior
Secured Loans: Europe 21.2% $219.6 $219.7
Middle Market Senior
Secured Loans: US 17.8% $183.9 $189.3
CDOs Squared: US 0.0% $0.0 $0.0
ABS and
Structured
Finance: US 0.0% $0.0 $0.0

Total 100.0% $1,034.3 $1,137.2 0.91

Geographic USA Europe Asia Total
Allocation Pacific
by Asset
Class

Broadly Syndicated
Senior Secured Loans 74.2% 25.8% 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%
78.8% 21.2% 0.0% 100.0%

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

HCA Inc 0.87%
Community Health 0.84%
TXU Corp 0.81%
Georgia Pacific Corp 0.81%
Univision Communications 0.74%
Idearc 0.73%
Cablevision Systems Corp 0.59%
SunGard Data Systems Inc 0.58%
Aramark Corp 0.57%
Nielsen Company 0.56%
Mylan Laboratories 0.54%
Ineos Group Plc 0.53%
Freescale Semiconductor Inc 0.51%
First Data Corp 0.50%
OshKosh Truck 0.49%

EUR-USD FX: 1.27

(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 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).

Expected Upcoming Events Date

Q4 dividend payment date March 25, 2009
March 2009 Monthly Report April 16, 2009 (approx)

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 as a collective investment scheme from a designated
country.

For further information, please contact:

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

PRN NLD

Source: Tetragon Financial Group Limited

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