Tetragon Financial Group Limited (TFG) Monthly
Update for November 2013

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 November 30, 2013

    (Amounts provided are unaudited and subject to change)

<pre>
                                                       (in millions except per share data)

    Estimated Fair Value of Investments:               $1,413.1
    Cash and Cash Equivalents:                         $263.3
    Net Other Assets / (Liabilities):                  $57.4
    Estimated Net Asset Value:                         $1,733.8
    TFG Legal Shares Issued and Outstanding:           134.8
    U.S. GAAP Net Asset Value per Share: (2)           $17.52
    Pro Forma Fully Diluted Net Asset Value per
    Share: (3)                                         $15.73
</pre>    INVESTMENT COMPOSITION:

    As of the end of November 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, equities and CLO mezzanine tranches, with the remainder of the net
assets held in cash plus or minus certain net other assets or liabilities. Derivative
mark-to-market gains and losses are contained within net other assets or liabilities.

    --------------------------------------------------

    (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 98.9
million), which is determined by reducing TFG legal shares issued and outstanding by
approximately 7.9 million shares held in treasury, 16.6 million shares held by a
subsidiary and 11.3 million shares held in escrow, all subject to rounding.

    (3) Calculation is with reference to pro forma fully diluted Shares outstanding
(approximately 110.2 million), which is determined by adding to U.S. GAAP Shares
outstanding, shares held in escrow of 11.3 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 (0.0 million).

    INVESTMENT COMPOSITION (continued):

    The geographical allocation of TFG's CLO, direct loan, equity and real estate fund
investments was weighted primarily towards the United States, at 82.9% of such assets as
of the end of November 2013. European exposure was approximately 16.2% and Asia was
approximately 0.9%. 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

    December 2013 monthly report                 January 31, 2014 (approx)
    January 2014 monthly report                  February 28, 2014 (approx)
    2013 audited financial statements reported   February 28, 2014 (approx)
    Q4 2013 dividend (ex- date)                  February 28, 2014
    Q4 2013 dividend record date                 March 4, 2014
    Q4 2013 dividend payment date                March 24, 2014
</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/Greg Wadsworth
    Investor Relations
    [email protected]

    Press Inquiries:
    Brunswick Group
    Andrew Garfield
    +44-20-7404-5959
    [email protected]
</pre>
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