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Thursday 20 September, 2012

Tetragon Financial Group Limit

Tetragon Financial Group Limited (TFG) Monthly


    Tetragon Financial Group Limited (TFG) is a Guernsey closed-ended investment
company
traded on the NYSE Euronext in Amsterdam 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 August 31 2012

    (Amounts provided are unaudited and subject to change)

<pre>    
                                               (in millions except per share
                                               data)
    Estimated Fair Value of Investments:       $1,275.3
    Cash and Cash Equivalents:                 $342.0
    Net Other Assets / (Liabilities):          $(15.5)
    Estimated Net Asset Value:                 $1,601.8
    TFG Shares Outstanding:                    133.0
    Net Asset Value per Share: (2)           $14.10
</pre>    --------------------------------------------------

    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 10.9 million shares held in treasury and 8.5 million shares 
held by a
subsidiary.

    CLO Equity &amp; Direct Loan Portfolio Composition

    CLO Equity &amp; Direct Loan Portfolio Held by Tetragon Financial Group 
Master Fund
Limited

    (unless otherwise stated)

    As of August 31, 2012

<pre>    
                                            TFG
                                           group     TFG
                                    TFG     Net     group            No. of
                                   Share   Market    Net           Closed CLO
                                   Price    Cap     Assets           Equity
    Report Date                     ($)   ($MM)(1)  ($MM)         Transactions
    31 August 2012                 $8.02   $911.1  $1,601.8          79 (2)
</pre><pre>    
                                                                Risk     
Investment
                                                              Capital    Fair 
Value
    Capital Allocation by Asset Class                        Allocation 
($MM)(2,3,4)
    Broadly Syndicated Senior Secured Loans: US                76.9%       
$964.4
    Broadly Syndicated Senior Secured Loans: Europe             9.2%       
$115.3
    Middle Market Senior Secured Loans: US                     13.9%       
$174.3
                                                    Total      100.0%     
$1,254.0
</pre><pre>    
                                                                Asia
    Geographic Allocation by Asset Class         USA   Europe  Pacific Total
    Broadly Syndicated Senior Secured Loans     89.3%   10.7%   0.0%   100.0%
    Middle Market Senior Secured Loans          100.0%  0.0%    0.0%   100.0%
                                                90.8%   9.2%    0.0%   100.0%
</pre><pre>    
                                                           Bank Loan
                                                           Exposure
    Top 15 Underlying Bank Loan Credits                       (5)
    Univision Communications                                 0.97%
    HCA Inc                                                  0.89%
    First Data Corp                                          0.88%
    Community Health                                         0.77%
    Federal-Mogul                                            0.74%
    UPC Broadband                                            0.73%
    Charter Communications                                   0.73%
    Aramark Corp                                             0.73%
    Cablevision Systems Corp                                 0.70%
    Sabre Holdings Corp                                      0.68%
    Las Vegas Sands                                          0.64%
    Asurion Corp                                             0.63%
    Bausch &amp; Lomb Inc                                        0.62%
    Huntsman ICI                                             0.61%
    Reynolds Group                                           0.60%
</pre>    EUR-USD FX: 1.26

    (1)Calculated using TFG shares outstanding (net of 10.9 million shares held
in
treasury and 8.5 million shares held by a subsidiary) 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.
Excludes TFG's investments in CLO mezzanine tranches.

    (3) Excludes TFG's investments in LCM Asset Management LLC, GreenOak Real 
Estate LP
and GreenOak related funds or investments, and CLO mezzanine tranches.

    (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
CLO equity tranche investments. With respect to CLO equity tranche 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 August 2012

<pre>    
    Expected Upcoming Events                     Date
    September Monthly Report                     October 29, 2012
    Q3 Financial Results                         October 29, 2012
    Q3 Ex-Dividend Date                          October 29, 2012
    Q3 Dividend Record Date                      October 31, 2012
    Quarterly Investor Call                      November 5, 2012
    October 2012 Monthly Report                  November 20, 2012
    Q3 Dividend Payment Date                     November 20, 2012
</pre>    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.

<pre>    
    For further information, please contact:
    TFG:
    David Wishnow/Yuko Thomas
    Investor Relations
    [email protected]

    Press Inquiries:
    Brunswick Group
    Andrew Garfield/Gill Ackers/Pip Green
    +44-20-7404-5959
    [email protected]
</pre>    PRN NLD



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