Tetragon Financial Group Limited (TFG) Monthly Update For April 2008

LONDON, May 20 /PRNewswire-FirstCall/ -- Tetragon Financial Group Limited
(TFG) (AEX: 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, Tetragon Financial Group LP and
Tetragon Financial Group Master Fund Limited.(1)
Net Asset Value Estimates as of April 30, 2008

(Amounts provided are unaudited and subject to change)

(in millions except per share data)

Estimated Fair Value of Investments: US$1,411.92
Cash and Cash Equivalents: US$199.78
Net Other Assets/ (Liabilities): US$(331.73)
Estimated Net Asset Value: US$1,279.97
TFG Shares Outstanding: 119.15
TFGLP Conversion Rights: 7.49
Total Shares Outstanding & Conversion
Rights: 126.64
Net Asset Value per Share: (2)(3) US$10.18

(1) TFG invests substantially all its capital through a master fund,
Tetragon Financial Group Master Fund Limited ("TFGMF"), in which it holds a
94% share. Tetragon Financial Group LP (TFGLP), a U.S. "feeder fund", holds
the remaining 6.0% interest in TFGMF. TFG and TFGLP receive a pro-rata
allocation of the performance of TFGMF.
(2) Excludes 0.9 million shares held in treasury.
(3) NAV per share was reduced by US$0.15 in April 2008 to reflect the
approval of the quarterly dividend relating to Q1 2008.
Portfolio Composition
Portfolio Held by Tetragon Financial Group Master Fund Limited
(unless otherwise stated)
As of April 30, 2008

Report TFG TFG TFG group No. of Closed
Date Share group Net CLO Transactions
Price Market Assets
(US$) Cap (US$MM)
(US$MM)(1)

30 April 2008 US$4.70 US$595.2 US$1,279.97 61

Capital Allocation Risk Investment Investment Overall
by Asset Class Capital - - Leverage(5)
Allocation Amortized Amortized
Cost Cost B/Fwd
(US$MM)(3) (US$MM)(4)

Broadly Syndicated
Senior Secured Loans:
US 61.5% US$869.1 US$850.5
Broadly Syndicated
Senior Secured Loans:
Europe 23.4% US$330.4 US$319.8
Middle Market
Senior Secured
Loans: US 15.1% US$212.6 US$210.7
CDOs Squared: US 0.0% US$0.0 US$0.0
ABS and
Structured
Finance: US 0.0% US$0.0 US$0.0

Total 100.0% US$1,412.0 US$1,381.0 1.08

Geographic Allocation USA Europe Asia Total
by Asset Class Pacific

Broadly Syndicated
Senior Secured Loans 72% 28% 0% 100%

Middle Market
Senior Secured Loans 100% 0% 0% 100%

CDOs Squared 0% 0% 0% 0%

ABS and
Structured Finance 0% 0% 0% 0%
80% 20% 0% 100%

Top 15 Underlying Bank Loan Bank Loan
Credits Exposure
(6)

HCA Inc 0.79%
Georgia Pacific Corp 0.78%
Univision
Communications 0.76%
Community Health 0.75%
Idearc 0.69%
TXU Corp 0.69%
Ineos Group Plc 0.60%
Aramark Corp 0.54%
Cablevision Systems Corp 0.53%
Freescale Semiconductor Inc 0.52%
OshKosh Truck 0.51%
Nielsen Company 0.48%
Metro-Goldwyn-Mayer Inc 0.47%
Hexion Specialty Chemicals 0.47%
United Pan Europe Communications 0.47%

EUR-USD FX: 1.56

(1) Includes exchange rights held by Tetragon Financial Group LP
investors as if they had been converted to TFG shares and valued at
the closing share price.
(2) Excludes CDO-squared and ABS CDO transactions which were written off
in October 2007. TFG continues to hold the economic rights to these
written-off transactions.
(3) Equivalent to Investment in Securities at Fair Value in the US GAAP
Financial Statements.
(4) Investments at Amortized Cost less interest accrued since last
payment date. Internal Rate of Return (IRR) x Amortized Cost B/Fwd
determines CDO income.
(5) Equals CDO Amortized Cost BFwd / Book Value.
(6) 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 (net of any single name CDS hedges held against
that credit).

Expected Upcoming Events Date

May 2008 Monthly Performance Report June 19, 2008
June 2008 Monthly Performance Report July 18, 2008
Q2 Financial Results and Interim Financial
Statements August 1, 2008
Q2 Ex-Dividend Date August 1, 2008
Quarterly Investor Call August 2, 2008
Q2 Dividend Record Date August 5, 2008
July 2008 Monthly Performance Report August 20, 2008
Q2 Dividend Payment Date August 26, 2008

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 as a collective investment scheme from a designated
country.
For further information, please contact:
TFG:
Heather Lockhart/Yuko Thomas
Investor Relations
ir@polygoninv.com

Press Inquiries:
Finsbury
Simon Moyse/Charles Chichester/Talia Druker
+44(0)20-7251-3801

SOURCE Tetragon Financial Group Limited

For further information, please contact: TFG: Heather Lockhart/Yuko Thomas,
Investor Relations, ir@polygoninv.com; Press Enquiries: Finsbury, Simon
Moyse/Charles Chichester/Talia Druker, +44(0)20-7251-3801