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 July 31, 2009    (Amounts provided are unaudited and subject to change)                                          (in millions except per share data)   Estimated Fair Value of Investments:       $549.6   Cash and Cash Equivalents:                 $134.8   Net Other Assets/ (Liabilities):           $0.4   Estimated Net Asset Value:                 $684.8   TFG Shares Outstanding:                    129.3   Net Asset Value per Share: (2)(3)          $5.44     ---------------------------------  

(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 3.50 million shares held in treasury.

(3) NAV per share was reduced by $0.03 in July 2009 to reflect the approval of the quarterly dividend relating to Q2 2009.

                             Tetragon Financial Group Ltd                Snapshot of Portfolio Held by TFG Master Fund Limited                             (unless otherwise stated)                                as of July 31, 2009    Report Date            TFG Share   TFG group    TFG    No.