Tetragon Financial Group Limited (TFG): Monthly Update For February 2011

By Tetragon Financial Group Limited, PRNE
Tuesday, March 15, 2011

LONDON, March 16, 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 February 28, 2011

(Amounts provided are unaudited and subject to change)

                                          (in millions except per share data)
    Estimated Fair Value of Investments:              $1,073.0
    Cash and Cash Equivalents:                          $156.0
    Net Other Assets/ (Liabilities):                    ($29.9)
    Estimated Net Asset Value:                        $1,199.1
    TFG Shares Outstanding:                              131.2
    Net Asset Value per Share: (2)                      $10.00

(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 7.34 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 February 28, 2011

                   Tetragon Financial Group Ltd
       Snapshot of Portfolio Held by TFG Master Fund Limited
                     (unless otherwise stated)

      28 February 2011

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

    28 February 2011      $7.99   $1,048.0   $1,199.1                70(2)

    Capital Allocation by                                Risk    Investment
    Asset Class                                        Capital     - Fair
                                                      Allocation    Value

    Broadly Syndicated Senior                           73.6%      $786.3
    Secured Loans: US
    Broadly Syndicated Senior                           10.7%      $114.6
    Secured Loans: Europe
    Middle Market Senior                                15.6%      $167.1
    Secured Loans: US
    CDOs Squared: US                                     0.0%        $0.0
    ABS and Structured                                   0.0%        $0.0
    Finance: US

                          Total                         100.0%   $1,068.0

    Geographic Allocation by Asset         USA    Europe    Asia    Total
    Class                                                 Pacific

    Broadly Syndicated Senior             87.3%   12.7%     0.0%   100.0%
    Secured Loans
    Middle Market Senior                 100.0%    0.0%     0.0%   100.0%
    Secured Loans
    CDOs Squared                           0.0%    0.0%     0.0%     0.0%
    ABS and Structured                     0.0%    0.0%     0.0%     0.0%

                                          89.3%   10.7%     0.0%   100.0%

    Top 15 Underlying Bank                  Bank Loan
    Loan Credits                            Exposure


    Community Health                          0.94%
    Univision                                 0.88%
    TXU Corp                                  0.86%
    HCA Inc                                   0.84%
    Charter Communications                    0.82%
    First Data Corp                           0.77%
    Cablevision Systems                       0.69%
    SunGard Data Systems                      0.69%
    Aramark Corp                              0.68%
    Sabre Holdings Corp                       0.67%
    Federal-Mogul                             0.65%
    Las Vegas Sands                           0.62%
    UPC Broadband                             0.60%
    Georgia Pacific Corp                      0.59%
    Health Management                         0.59%

EUR-USD FX: 1.38

(1) Calculated using TFG shares outstanding and month end exchange

(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.

    Tetragon Financial Group Limited (TFG)

    Monthly Update For February 2011

    Expected Upcoming Events                     Date
    Q4 dividend payment date                     March 25, 2011
    March 2011 Monthly Report                    April 19, 2011 (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
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

    For further information, please contact:

    David Wishnow/Yuko Thomas
    Investor Relations

    Press Inquiries:
    Brunswick Group
    Andrew Garfield/Gill Ackers/Pip Green

For further information, please contact: TFG: David Wishnow/Yuko Thomas, Investor Relations, ir at tetragoninv.com. Press Inquiries: Brunswick Group, Andrew Garfield/Gill Ackers/Pip Green, +44-20-7404-5959, polygon at brunswickgroup.com

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