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Wednesday 20 February, 2013

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 January 31 2013

    (Amounts provided are unaudited and subject to change)

<pre>    
                                              (in millions except per
                                                    share data)
    Estimated Fair Value of Investments:             $1,351.8
    Cash and Cash Equivalents:                         $283.3
    Net Other Assets / (Liabilities):                  $(4.3)
    Estimated Net Asset Value:                       $1,630.8
    TFG Legal Shares Issued and Outstanding:            133.7
    U.S. GAAP Net Asset Value per Share: (2)           $16.53
    Pro Forma Fully Diluted Net Asset Value per
    Share: (3)                                         $14.54
</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% share.

    2) Calculation is with reference to U.S. GAAP Shares outstanding 
(approximately 98.7
million), which is determined by reducing TFG legal shares issued and 
outstanding by
approximately 6.6 million shares held in treasury, 16.6 million shares held by a
subsidiary and 11.8 million shares held in escrow.

    3) Calculation is with reference to pro forma fully diluted Shares 
outstanding
(approximately 112.1 million), which is determined by adding to U.S. GAAP Shares
outstanding, shares held in escrow of 11.8 million and the number of shares 
corresponding
to the applicable intrinsic value of the options issued to the Investment 
Manager at the
time of the company's IPO (approximately 1.6 million) (the "Investment 
Management
Options") (see the December 2012 monthly supplement for additional information 
on the
Investment Management Options share number calculation). The impact of the 
Investment
Management Options (as the exercise price of the options was above the strike 
price at
January 2013 month-end) was to reduce pro forma fully diluted NAV per share by
approximately $0.22 compared to what it otherwise would have been.

    INVESTMENT COMPOSITION:

    As of the end of January 2013, the majority of the net assets of the company
were
invested in the equity tranches of U.S. CLOs. Investments are also held in U.S.
senior
secured loans, equity tranches of European CLOs, asset management businesses, 
hedge funds,
real estate funds, and CLO mezzanine tranches, with the remainder of the net 
assets held
in cash less certain net liabilities.

    The geographical allocation of TFG's CLO equity, direct loan, and real 
estate fund
investments was weighted primarily towards the United States, at 89.4% of such 
assets as
of the end of January 2013. European exposure was approximately 10.2% and Asia 
was
approximately 0.3%. TFG's ownership of asset managers, and investments in 
certain hedge
fund vehicles are excluded from the geographic allocation above as they span 
more than one
region.

<pre>    
    Expected Upcoming Events                     Date
    Q4 2012 dividend announcement                February 28, 2013
    2012 audited financial statements released   March 1, 2013 (approx)
    Q4 2012 dividend (ex- date)                  March 1, 2013
    Q4 2012 dividend record date                 March 5, 2013
    Quarterly investor call                      March 19, 2013
    February 2013 monthly report                 March 20, 2013 (approx)
    Q4 2012 dividend payment date                March 25, 2013
</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 U.S. 
Securities Act
of 1933 (the "Securities Act"), as amended, and may not be offered or sold in 
the United
States or to U.S. 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 U.S. 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/Brian Buckley
    +44-20-7404-5959
    [email protected]

</pre>    PRN NLD



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