Tetragon Financial Group Limited (TFG) Monthly Update for May 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 May 31, 2009 (Amounts provided are unaudited and subject to change) (in millions except per share data) Estimated Fair Value of Investments: $558.3 Cash and Cash Equivalents: $115.9 Net Other Assets/ (Liabilities): $4.3 Estimated Net Asset Value: $678.5 TFG Shares Outstanding: 129.3 Net Asset Value per Share: [2] $5.39

[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 3.42 million shares held in treasury.

Portfolio Composition Portfolio Held by Tetragon Financial Group Master Fund Limited (unless otherwise stated) As of May 31, 2009 Report Date TFG Share TFG group TFG No. of Price ($) Market Cap group Closed ($MM)(1) Net CLO Assets Transactions ($MM) 31 May 2009 $1.30 $168.2 $678.5 61(2) Capital Allocation by Risk Investment Investment Overall Asset Class Capital Fair Amortized Leverage(5) Allocation Value Cost B/Fwd ($MM)(3) ($MM)(4) Broadly Syndicated Senior Secured Loans: US 53.1% $296.2 $618.1 Broadly Syndicated Senior Secured Loans: Europe 23.1% $129.0 $214.2 Middle Market Senior Secured Loans: US 23.9% $133.1 $179.0 CDOs Squared: US 0.0% $0.0 $0.0 ABS and Structured Finance: US 0.0% $0.0 $0.0 Total 100.0% $558.3 $1,011.3 0.82 Geographic Allocation by USA Europe Asia Total Asset Class Pacific Broadly Syndicated Senior Secured Loans 69.7% 30.3% 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% 76.9% 23.1% 0.0% 100.0%

Top 15 Underlying Bank Loan Credits Bank Loan Exposure (6) Community Health 0.89% HCA Inc 0.84% Georgia Pacific Corp 0.82% TXU Corp 0.80% Univision Communications 0.70% Idearc 0.64% Cablevision Systems Corp 0.62% SunGard Data Systems Inc 0.61% Aramark Corp 0.57% Ineos Group Plc 0.55% Nielsen Company 0.55% First Data Corp 0.54% Calpine Corp 0.50% Mylan Laboratories 0.49% Celanese US Holdings LLC 0.49%

EUR-USD FX: 1.41

(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).

(6) Actual performance for Tetragon Credit Income Fund Limited Class C, calculated as a change in Net Asset Value per Share for the period July 06 - Mar 07. Illustrative results for the period from Aug 05 - Jun 06 as if Class C shares had been in place since the launch of the Company. Performance is net of (a) 1.5% management fee per annum, (b) incentive fees of 25% the increase in NAV over a hurdle rate of 8% per annum and (c) expenses, and reflect an investment in the company since inception without additions, withdrawals or redemptions.

Tetragon Financial Group Limited (TFG) Monthly Update For May 2009 Expected Upcoming Events Date June 2009 Monthly Report July 17, 2009 (approx) Q2 Ex-Dividend Date July 31, 2009 Q2 Financial Results and Interim Financial Statements August 03, 2009 Quarterly Investor Call August 03, 2009 Q2 Dividend Record Date August 04, 2009 July 2009 Monthly Report August 18, 2009 (approx) Q2 Dividend Payment Date August 24, 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 (”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 Finsbury Investor Relations Charles Chichester/Talia ir@tetragoninv.com Druker/Rollo Head +44(0)20-7251-3801

Source: Tetragon Financial Group Limited

For further information, please contact: TFG: David Wishnow/Yuko Thomas, Investor Relations, ir at tetragoninv.com; Press Inquiries: Finsbury, Charles Chichester/Talia Druker/Rollo Head, +44(0)20-7251-3801