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

LONDON, February 16, 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 January 31, 2010

    (Amounts provided are unaudited and subject to change)

                                         (in millions except per share data)
    Estimated Fair Value of Investments:  $700.2
    Cash and Cash Equivalents:            $177.8
    Net Other Assets/ (Liabilities):      $(31.1)
    Estimated Net Asset Value:            $846.9
    TFG Shares Outstanding:                130.1
    Net Asset Value per Share: (2)         $6.81

(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 5.74 million shares held in treasury.

                              Portfolio Composition
         Portfolio Held by Tetragon Financial Group Master Fund Limited
                            (unless otherwise stated)
                             As of January 31, 2010

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

    31 January 2010  $3.91          $508.5             $846.9         68(2)

    Capital                       Risk   Investment  Investment       Overall
    Allocation by              Capital       - Fair           -   Leverage(6)
    Asset Class             Allocation        Value   Amortized
                                        ($MM)(3)(4)  Cost B/Fwd
                                                       ($MM)(5)

    Broadly Syndicated
    Senior Secured
    Loans: US                    73.9%      $517.3      $742.4
    Broadly Syndicated
    Senior Secured
    Loans: Europe                 6.0%       $42.3      $201.4
    Middle Market Senior
    Secured Loans: US            20.0%      $140.3      $179.1
    CDOs Squared:
    US                            0.0%        $0.0        $0.0
    ABS and
    Structured
    Finance: US                   0.0%        $0.0        $0.0

    Total                       100.0%      $699.9    $1,122.9           0.83

    Geographic
    Allocation by Asset       USA     Europe     Asia     Total
    Class                                     Pacific                         

    Broadly Syndicated
    Senior Secured Loans    92.4%       7.6%     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%

                            94.0%       6.0%     0.0%    100.0%

    Top 15 Underlying                 Bank Loan
    Bank Loan Credits              Exposure (7)                      

    Community Health                      0.94%
    TXU Corp                              0.86%
    HCA Inc                               0.82%
    Univision Communications              0.81%
    Georgia Pacific Corp                  0.77%
    Aramark  Corp                         0.69%
    First Data  Corp                      0.67%
    Cablevision Systems Corp              0.66%
    SunGard Data Systems Inc              0.63%
    Calpine Corp                          0.58%
    Celanese US  Holdings LLC             0.57%
    Nielsen Company                       0.56%
    Sabre Holdings Corp                   0.56%
    Huntsman ICI                          0.55%
    Mylan Laboratories                    0.54%

    EUR-USD  1.39
    FX:
    (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) Investments at Amortized Cost less interest accrued since last
        payment date. Internal Rate of Return (IRR) x Amortized Cost B/Fwd
        determines CDO income.
    (6) Equals CDO Amortized Cost BFwd / Book Value.
    (7) 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 January 2010

    Expected Upcoming Events                        Date

    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 2010 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:
    David Wishnow/Yuko Thomas
    Investor Relations
    ir@tetragoninv.com

    Press Inquiries:
    Finsbury
    Charles Chichester/Talia Druker/Rollo Head
    +44-20-7251-3801

PRN NLD

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