Tetragon Financial Group Limited (TFG) Monthly Update For November 2009

LONDON, December 15 - 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 November 30, 2009
    (Amounts provided are unaudited and subject to change)

                                         (in millions except per share data)
    Estimated Fair Value of Investments:          $630.7
    Cash and Cash Equivalents:                    $164.6
    Net Other Assets/ (Liabilities):              $(16.4)
    Estimated Net Asset Value:                    $778.9
    TFG Shares Outstanding:                        130.1
    Net Asset Value per Share: (2)                 $6.20

    (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 4.41 million shares held in treasury.

                              Portfolio Composition
         Portfolio Held by Tetragon Financial Group Master Fund Limited
                            (unless otherwise stated)
                             As of November 30, 2009

    Report Date      TFG Share    TFG     TFG         No. of Closed
                     Price ($)   group   group      CLO Transactions
                                 Market   Net
                                  Cap    Assets
                                ($MM)(1) ($MM)
    30 November 2009   $3.40    $442.2  $778.9            61(2)

    Capital Allocation by        Risk     Investment   Investment -  Overall
    Asset Class                Capital     - Fair      Amortized     Leverage
                              Allocation    Value      Cost B/Fwd      (5)
                                           ($MM)(3)     ($MM)(4)

    Broadly Syndicated
    Senior Secured Loans: US    62.8%       $396.3       $699.0
    Broadly Syndicated
    Senior Secured Loans:
    Europe                      16.4%       $103.7       $217.1
    Middle Market Senior
    Secured Loans: US           20.7%       $130.6       $170.7
    CDOs Squared: US             0.0%         $0.0         $0.0
    ABS and Structured
    Finance: US                  0.0%         $0.0         $0.0

                    Total      100.0%       $630.7     $1,086.8        0.81

    Geographic Allocation by Asset Class       USA   Europe    Asia     Total
                                                              Pacific

    Broadly Syndicated Senior Secured Loans   79.3%   20.7%    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%

                                              83.6%   16.4%    0.0%    100.0%

    Top 15 Underlying Bank Loan Credits                Bank Loan
                                                        Exposure
                                                          (6)

    Community Health                                     0.90%
    TXU Corp                                             0.85%
    HCA Inc                                              0.80%
    Georgia Pacific Corp                                 0.78%
    Univision Communications                             0.77%
    First Data Corp                                      0.63%
    Aramark Corp                                         0.62%
    Cablevision Systems Corp                             0.61%
    SunGard Data Systems Inc                             0.61%
    Calpine Corp                                         0.55%
    Nielsen Company                                      0.55%
    Mylan Laboratories                                   0.53%
    Celanese US Holdings LLC                             0.53%
    Sabre Holdings Corp                                  0.52%
    Huntsman ICI                                         0.51% 

    EUR-USD FX: 1.50

    (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 4 of 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).

                     Tetragon Financial Group Limited (TFG)
                        Monthly Update For November 2009

    Expected Upcoming Events                     Date

    December 2009 Monthly Report                 January 19, 2010 (approx)
    January 2010 Monthly Report                  February 17, 2010 (approx)
    2009 audited financial statements reported   February 27, 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.

———————————

    For further information, please contact:

    TFG:
    David Wishnow/Yuko Thomas
    Investor Relations
    ir@tetragoninv.com

    Press Inquiries:
    Finsbury
    Charles Chichester/Talia
    Druker/Rollo Head
    +44-20-7251-3801

PRN NLD

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, +44-20-7251-3801