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

By Tetragon Financial Group Limited, PRNE
Wednesday, December 15, 2010

LONDON, December 16, 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 November 30, 2010

(Amounts provided are unaudited and subject to change)

                                            (in millions except
                                             per share data)
    Estimated Fair Value of Investments:             $978.8
    Cash and Cash Equivalents:                        $94.4
    Net Other Assets/ (Liabilities):                  $15.8
    Estimated Net Asset Value:                     $1,089.0
    TFG Shares Outstanding:                           131.2
    Net Asset Value per Share: [2]                    $9.05

[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 6.87 million shares held in treasury and 3.91 million
shares held by a subsidiary.

                              Portfolio Composition
         Portfolio Held by Tetragon Financial Group Master Fund Limited
                            (unless otherwise stated)

                             As of November 30, 2010

    Report Date      TFG Share    TFG      TFG       No. of
                     Price ($)   group    group    Closed CLO
                                 Market    Net     Transactions
                                  Cap     Assets
                                ($MM)(1)  ($MM)
    30 November 2010   $5.31     $696.5  $1,089.0    68(2)

    Capital Allocation by Asset Class                Risk     Investment
                                                    Capital     - Fair
                                                   Allocation    Value

    Broadly Syndicated Senior Secured Loans: US       75.7%      $741.3
    Broadly Syndicated Senior Secured Loans: Europe    8.3%       $81.0
    Middle Market Senior Secured Loans: US            16.0%      $156.5
    CDOs Squared: US                                   0.0%        $0.0
    ABS and Structured Finance: US                     0.0%        $0.0
                                              Total  100.0%      $978.8

    Geographic Allocation by Asset Class      USA   Europe  Asia   Total

    Broadly Syndicated Senior Secured Loans  90.2%   9.8%   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%

                                             91.7%   8.3%   0.0%   100.0%

    Top 15 Underlying Bank Loan Credits                     Bank Loan

    Community Health                                          1.01%
    Charter Communications                                    0.91%
    TXU Corp                                                  0.89%
    Univision Communications                                  0.83%
    HCA Inc                                                   0.79%
    First Data Corp                                           0.75%
    Cablevision Systems Corp                                  0.72%
    Georgia Pacific Corp                                      0.71%
    SunGard Data Systems Inc                                  0.69%
    Aramark Corp                                              0.69%
    Sabre Holdings Corp                                       0.66%
    UPC Broadband                                             0.65%
    Nielsen Company                                           0.61%
    Federal-Mogul                                             0.59%
    Health Management Associates                              0.59%

EUR-USD FX: 1.30

(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.

Tetragon Financial Group Limited (TFG)

Monthly Update For November 2010

    Expected Upcoming Events                     Date
    December 2010 Monthly Report                 January 21, 2011 (approx)
    January 2011 Monthly Report                  February 18, 2011 (approx)
    2010 audited financial statements reported   March 2, 2011 (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
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

    For further information, please contact:
    David Wishnow/Yuko Thomas
    Investor Relations

    Press Inquiries:
    Citigate Dewe Rogerson
    Michael Berkeley/Justin Griffiths/Clare Simonds


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

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