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

By Tetragon Financial Group Limited, PRNE
Monday, November 15, 2010

LONDON, November 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 October 31, 2010

(Amounts provided are unaudited and subject to change)

                                          (in millions except per share data)
    Estimated Fair Value of Investments:    $961.7
    Cash and Cash Equivalents:              $112.2
    Net Other Assets/ (Liabilities):        $(30.6)
    Estimated Net Asset Value:            $1,043.3
    TFG Shares Outstanding:                  130.9
    Net Asset Value per Share: ([2])        $8.66

Tetragon Financial Group Ltd

Snapshot of Portfolio Held by TFG Master Fund Limited (unless otherwise
stated) as of October 31, 2010

    Report Date    TFG Share   TFG group  TFG group        No. of Closed CLO
                   Price ($)   Market Cap Net Assets            Transactions
                               ($MM)(1)    ($MM)
    31 October 2010
                   $5.72       $748.6    $1,043.3                       68(2)

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

    Broadly Syndicated Senior Secured
    Loans: US                                       76.9%      $739.1
    Broadly Syndicated Senior Secured
    Loans: Europe                                    7.8%       $75.4
    Middle Market Senior Secured
    Loans: US                                       15.3%      $147.2
    CDOs Squared: US                                 0.0%        $0.0
    ABS and Structured Finance: US                   0.0%        $0.0

    Total                                          100.0%      $961.7
    Geographic Allocation by Asset Class  USA       Europe     Asia   Total
    Broadly Syndicated Senior Secured
    Loans                                 90.7%       9.3%      0.0%   100.0%
    Middle Market Senior Secured
    Loans                                 00.0%       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%

                                          92.2%       7.8%      0.0%   100.0%

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

    Community Health                                  0.95%
    Charter Communications                            0.91%
    TXU Corp                                          0.85%
    Univision Communications                          0.85%
    Georgia Pacific Corp                              0.76%
    HCA Inc                                           0.75%
    First Data Corp                                   0.72%
    SunGard Data Systems Inc                          0.68%
    Aramark Corp                                      0.66%
    Cablevision Systems Corp                          0.66%
    UPC Broadband                                     0.65%
    Sabre Holdings Corp                               0.63%
    Nielsen Company                                   0.58%
    Health Management Associates                      0.58%
    Federal-Mogul                                     0.54%

    Illustrative Historical Hedge Fund Performance
             Jan        Feb         Mar        Apr        May         Jun
    2006    1.34%      1.23%       1.44%      1.40%      1.22%       1.16%
    2007    1.32%      1.15%       1.14%

    table continues)
           Jul    Aug       Sept     Oct      Nov       Dec     YTD
    2006         0.41%      0.64%   0.94%    1.13%     1.16%     4.34
    2007  1.13%  1.10%      1.00%   1.01%    1.21%     1.25%    15.48%
    Earnings per Share (7)

              Jan         Feb         Mar        Apr        May         Jun
    2007 EPS of $0.35                          $0.10      $0.11       $0.12
         for Q1(8)
     (table continues)
    2007   Jul    Aug         Sept       Oct       Nov         Dec       YTD
         $0.14  $0.11        $0.12    -$0.39     $0.16       $0.12     $0.92

    EUR-USD FX: 1.39

(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 oftotal corporate loan assets that TFG has
exposure to based on its equity-based pro-rata share of each CLO's total

All calculations are net of any single name CDS hedges held against that

    Expected Upcoming Events                     Date
    Q3 Dividend Payment Date                     November 24, 2010
    November 2010 Monthly Report                 December 20, 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
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

([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 10.4 million shares held in treasury. Please note that on
November 15, 2010, TFG transferred approximately 3.9 million of such shares
to a subsidiary.

    For further information, please contact:
    TFG:                                     Press Inquiries:
    David Wishnow/Yuko Thomas                Citigate Dewe Rogerson
    Investor Relations                       Michael Berkeley/Justin
    ir@tetragoninv.com                      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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