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

LONDON, August 17, 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 July 31, 2010

(Amounts provided are unaudited and subject to change)

                                          (in millions except per share data)
    Estimated Fair Value of Investments:  $779.6
    Cash and Cash Equivalents:            $169.9
    Net Other Assets/ (Liabilities):      $(19.0)
    Estimated Net Asset Value:            $930.5
    TFG Shares Outstanding:                130.5
    Net Asset Value per Share: ([2])       $7.65

                              Portfolio Composition

         Portfolio Held by Tetragon Financial Group Master Fund Limited

                            (unless otherwise stated)

                               As of July 31, 2010

    Report         TFG      TFG group     TFG         No. of Closed CLO
    Date          Share    Market Cap    group          Transactions
                  Price     ($MM)(1)      Net
                   ($)                   Assets
                                         ($MM)
    31 July       $4.25        $554.5    $930.5                     68(2)
    2010

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

    Broadly Syndicated Senior Secured
    Loans: US                                74.7%                $582.5

    Broadly Syndicated Senior Secured
    Loans: Europe                             7.7%                 $59.9
    Middle Market  Senior Secured
    Loans: US                                17.6%                $137.2
    CDOs Squared: US                          0.0%                  $0.0
    ABS and Structured Finance: US            0.0%                  $0.0

    Total                                   100.0%                $779.6

    Geographic Allocation by Asset Class
                            USA       Europe        Asia       Total
                                                    Pacific

    Broadly Syndicated
    Senior Secured
    Loans                   90.7%         9.3%         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%
                            92.3%         7.7%         0.0%     100.0%

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

    Community Health                                      0.97%
    Charter Communications                                0.91%
    HCA Inc                                               0.86%
    TXU Corp                                              0.86%
    Univision Communications                              0.86%
    Georgia Pacific Corp                                  0.77%
    First Data Corp                                       0.71%
    Aramark Corp                                          0.67%
    Cablevision Systems Corp                              0.66%
    Calpine Corp                                          0.66%
    SunGard Data Systems Inc                              0.65%
    Sabre Holdings Corp                                   0.63%
    Celanese US Holdings LLC                              0.61%
    Las Vegas Sands                                       0.60%
    Nielsen Company                                       0.59%

    EUR-USD FX: 1.30

(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) 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
    Q2 Dividend Payment Date                     August 26, 2010
    August 2010 Monthly Report                   September 20, 2010 (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 ("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 8.8 million shares held in treasury.

    For further information, please contact:
    TFG:                                     Press Inquiries:
    David Wishnow/Yuko Thomas                Citigate Dewe Rogerson
    Investor Relations                       Michael Berkeley/Justin
    ir@tetragoninv.com                       Griffiths/Clare Simonds
                                             tetragon@citigatedr.co.uk

PRN NLD

For further information, please contact: TFG: David Wishnow/Yuko Thomas, Investor Relations, ir at tetragoninv.com; Press Inquiries: Citigate Dewe Rogerson, Michael Berkeley/Justin Griffiths/Clare Simonds, tetragon at citigatedr.co.uk