Tetragon Financial Group Limited (TFG) Monthly Update For March 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 March 31, 2009 (Amounts provided are unaudited and subject to change) (in millions except per share data) Estimated Fair Value of Investments: $615.3 Cash and Cash Equivalents: $94.3 Net Other Assets/ (Liabilities): $13.8 Estimated Net Asset Value: $723.4 TFG Shares Outstanding: 129.1 Net Asset Value per Share: (2) $5.75 ——————————— (1) TFG invests substantially all its capital through a master fund, Tetragon Financial Group Master Fund Limited (”TFGMF”), in which it holds a 100.0% share. (2) Excludes 3.35 million shares held in treasury. Portfolio Composition Portfolio Held by Tetragon Financial Group Master Fund Limited (unless otherwise stated) As of March 31, 2009 Report Date TFG TFG TFG group No. of Closed Share group Net Assets CLO Price Market ($MM) Transactions ($) Cap ($MM)(1) 31 March 2009 $1.01 $130.4 $723.4 61(2) Capital Allocation Risk Investment Investment Overall by Asset Class Capital - Fair - Leverage(5) Allocation Value Amortized ($MM)(3) Cost B/Fwd ($MM)(4) Broadly Syndicated Senior 54.8% $337.1 $663.1 Secured Loans: US Broadly Syndicated Senior 23.4% $144.1 $216.9 Secured Loans: Europe Middle Market 21.8% $134.1 $182.5 Senior Secured Loans: US CDOs Squared: 0.0% $0.0 $0.0 US ABS and 0.0% $0.0 $0.0 Structured Finance: US Total 100.0% $615.3 $1,062.5 0.85 Geographic USA Europe Asia Total Allocation by Asset Pacific Class Broadly Syndicated 70.1% 29.9% 0.0% 100.0% Senior Secured Loans Middle Market 100.0% 0.0% 0.0% 100.0% Senior Secured Loans CDOs Squared 0.0% 0.0% 0.0% 0.0% ABS and Structured 0.0% 0.0% 0.0% 0.0% Finance 76.6% 23.4% 0.0% 100.0% Top 15 Underlying Bank Loan Bank Loan Credits Exposure (6) HCA Inc 0.91% Community 0.86% Health TXU 0.81% Corp Georgia 0.79% Pacific Corp Univision 0.74% Communications Idearc 0.67% Cablevision 0.61% Systems Corp SunGard Data 0.60% Systems Inc Nielsen 0.57% Company Aramark 0.56% Corp Mylan 0.54% Laboratories Ineos Group 0.53% Plc First 0.51% Data Corp Freescale 0.49% Semiconductor Inc OshKosh Truck 0.48% EUR-USD FX: 1.33 (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 Q1 Record Date April 29, 2009 April 2009 Monthly Report May 18, 2009 (approx) Q1 Dividend Payment Date May 21, 2009

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

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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