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

LONDON, July 20, 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 June 30, 2010

    (Amounts provided are unaudited and subject to change)

                                          (in millions except per share data)
    Estimated Fair Value of Investments:  $764.5
    Cash and Cash Equivalents:            $156.2
    Net Other Assets/ (Liabilities):      $(11.3)
    Estimated Net Asset Value:            $909.4
    TFG Shares Outstanding:                130.5
    Net Asset Value per Share: (2)         $7.44

                             Portfolio Composition
             Portfolio Held by Tetragon Financial Group Master Fund Limited
                          (unless otherwise stated)
                             As of June 30, 2010

    Report Date     TFG Share    TFG group     TFG   No. of Closed
                     Price ($)  Market Cap   group   CLO Transactions
                                  ($MM)(1)     Net
                                            Assets
                                             ($MM)
    30 June 2010         $4.14      $540.2  $909.4              68(2)

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

    Broadly Syndicated Senior Secured Loans: US          74.1%         $566.5
    Broadly Syndicated Senior Secured Loans: Europe       6.9%          $53.1
    Middle Market Senior Secured Loans: US               19.0%         $144.9
    CDOs Squared: US                                      0.0%           $0.0
    ABS and Structured Finance: US                        0.0%           $0.0

    Total                                               100.0%         $764.5

    Geographic Allocation by Asset Class        USA   Europe     Asia   Total
                                                              Pacific

    Broadly Syndicated Senior Secured Loans   91.4%     8.6%     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%

                                              93.1%     6.9%     0.0%  100.0%

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

    Community Health                                      0.97%
    Charter Communications                                0.90%
    TXU Corp                                              0.87%
    Univision Communications                              0.86%
    HCA Inc                                               0.84%
    Georgia Pacific Corp                                  0.78%
    First Data Corp                                       0.73%
    Aramark Corp                                          0.69%
    SunGard Data Systems Inc                              0.65%
    Cablevision Systems Corp                              0.63%
    Calpine Corp                                          0.62%
    Celanese US Holdings LLC                              0.62%
    Sabre Holdings Corp                                   0.62%
    Las Vegas Sands                                       0.59%
    Nielsen Company                                       0.59%

    EUR-USD FX: 1.22

    (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 Ex-Dividend Date                                     August 02, 2010
    Q2 Financial Results and Interim Financial Statements   August 02, 2010
    Q2 Dividend Record Date                                 August 04, 2010
    Quarterly Investor Call                                 August 09, 2010
    July 2010 Monthly Report                                August 19, 2010
                                                            (approx)
    Q2 Dividend Payment Date                                August 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             Citigate Dewe Rogerson
    Investor Relations                    Michael Berkeley/Justin Griffiths/
    ir@tetragoninv.com                    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