Tetragon Financial Group Limited (TFG) Monthly Update For March 2011

LONDON, April 28, 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 March 31, 2011

(Amounts provided are unaudited and subject to change)

                                          (in millions except per share data)

    Estimated Fair Value of Investments:   $1,206.8
    Cash and Cash Equivalents:               $147.0
    Net Other Assets/ (Liabilities):         ($55.8)
    Estimated Net Asset Value:             $1,298.0
    TFG Shares Outstanding:                   131.3
    Net Asset Value per Share: [2]           $10.85

                              Portfolio Composition

         Portfolio Held by Tetragon Financial Group Master Fund Limited

                            (unless otherwise stated)

                              As of March 31, 2011

                     Tetragon Financial Group Limited (TFG)

                          Monthly Update For March 2011

                             Tetragon Financial Group Ltd
       Snapshot of Portfolio Held by TFG Master Fund Limited (unless
                                otherwise stated)
                                 as of March 31, 2011

    Report Date                       TFG    TFG      TFG          No. of
                                    Share  group    group       Closed CLO
                                    Price  Market    Net       Transactions
                                     ($)    Cap     Assets
                                          ($MM)(1)  ($MM)
    31 March 2011                  $7.60  $998.1  $1,298.0        74(2)

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

    Broadly Syndicated Senior Secured Loans: US        72.0%      $865.3
    Broadly Syndicated Senior Secured Loans: Europe    12.8%      $153.2
    Middle Market Senior Secured Loans: US             15.2%      $183.2
    CDOs Squared: US                                    0.0%        $0.0
    ABS and Structured Finance: US                      0.0%        $0.0

                                           Total      100.0%    $1,201.7

    Geographic Allocation by Asset Class         USA   Europe   Asia   Total
                                                               Pacific

    Broadly Syndicated Senior Secured Loans     85.0%   15.0%   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%

                                                87.2%   12.8%   0.0%   100.0%

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

    Community Health                                     0.93%
    Univision Communications                             0.87%
    HCA Inc                                              0.85%
    TXU Corp                                             0.83%
    Charter Communications                               0.82%
    First Data Corp                                      0.77%
    SunGard Data Systems Inc                             0.72%
    Cablevision Systems Corp                             0.70%
    Aramark Corp                                         0.69%
    Federal-Mogul                                        0.66%
    Sabre Holdings Corp                                  0.64%
    Las Vegas Sands                                      0.59%
    Georgia Pacific Corp                                 0.58%
    Nielsen Company                                      0.58%
    Asurion Corp                                         0.57%

    EUR-USD FX:    1.42
    (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 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.

    Expected Upcoming Events                     Date

    Q1 Ex-Dividend Date                          April 29, 2011
    Q1 Dividend Record Date                         May 3, 2011
    Quarterly Investor Call                         May 5, 2011
    April 2011 Monthly Report                      May 20, 2011 (approx)
    Q1 Dividend Payment Date                       May 24, 2011

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 7.78 million shares held in treasury and 3.91 million
shares held by a subsidiary.

    For further information, please
    contact:
    TFG:                                  Press Inquiries:

    David Wishnow/Yuko Thomas             Brunswick Group
    Investor Relations                    Andrew Garfield/Gill Ackers/Pip
    ir@tetragoninv.com                    Green
                                          +44 20 7404 5959
                                          polygon@brunswickgroup.com

PRN NLD

.