Tetragon Financial Group Limited (TFG) Monthly Update for September 2010

LONDON, October 29, 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 September 30, 2010
    (Amounts provided are unaudited and subject to change)

                                          (in millions except per share data)
    Estimated Fair Value of Investments:  $893.1
    Cash and Cash Equivalents:            $187.9
    Net Other Assets/ (Liabilities):      $(62.4)
    Estimated Net Asset Value:            $1,018.6
    TFG Shares Outstanding:               130.9
    Net Asset Value per Share: ([2])      $8.43

    ([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 10.1 million shares held in treasury.

    Portfolio Composition

         Portfolio Held by Tetragon Financial Group Master Fund Limited
                            (unless otherwise stated)
                            As of September 30, 2010

    Report Date      TFG     TFG      TFG           No. of Closed CLO
                    Share   group    group             Transactions
                    Price   Market    Net
                     ($)     Cap     Assets
                           ($MM)(1)  ($MM)
    30 September    $4.39   $574.6  $1,018.6              68(2)
    2010

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

    Broadly Syndicated Senior Secured Loans: US           74.8%      $667.8
    Broadly Syndicated Senior Secured Loans: Europe        8.3%       $74.3
    Middle Market Senior Secured Loans: US                16.9%      $151.0
    CDOs Squared: US                                       0.0%        $0.0
    ABS and Structured Finance: US                         0.0%        $0.0

                        Total                            100.0%      $893.1

    Geographic Allocation by Asset Class         USA   Europe  Asia   Total
                                                              Pacific

    Broadly Syndicated Senior Secured Loans     90.0%  10.0%   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%

                                                91.7%   8.3%   0.0%   100.0%

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

    Community Health                                          0.96%
    Charter Communications                                    0.95%
    Univision Communications                                  0.87%
    TXU Corp                                                  0.86%
    Georgia Pacific Corp                                      0.76%
    HCA Inc                                                   0.75%
    First Data Corp                                           0.71%
    Aramark Corp                                              0.69%
    Cablevision Systems Corp                                  0.66%
    SunGard Data Systems Inc                                  0.65%
    Sabre Holdings Corp                                       0.63%
    UPC Broadband                                             0.62%
    Celanese US Holdings LLC                                  0.61%
    Health Management Associates                              0.58%
    Nielsen Company                                           0.58%

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

    Expected Upcoming Events                     Date
    Q3 Ex-Dividend Date                          November 1, 2010
    Q3 Dividend Record Date                      November 3, 2010
    Quarterly Investor Call                      November 5, 2010
    October 2010 Monthly Report                  November 18, 2010
    Q3 Dividend Payment Date                     November 24, 2010

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.

———————————

    EUR-USD FX:	1.36	

    (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.

    For further information, please contact:

    TFG:

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

    Press Inquiries:

    Citigate Dewe Rogerson
    Michael Berkeley/Justin Griffiths/Clare Simonds
    tetragon@citigatedr.co.uk

PRN NLD

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, +44-20-7638-9571