TFG is a Guernsey closed-ended investment company traded on Euronext Amsterdam N.V.
under the ticker symbol "TFG.NA" and on the Specialist Fund Segment of the main market of
the London Stock Exchange plc under the symbol "TFG.LN".

    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 31 December 2016
(Amounts provided are unaudited and subject to change)


                                         (in millions except per share data)
    Estimated Fair Value of Investments:          $1,486.4
    Cash and Cash Equivalents:                      $423.3
    Net Other Assets / (Liabilities):                $25.2
    Estimated Net Asset Value                     $1,934.9
    TFG Legal Shares Issued and Outstanding:         139.7
    Fully Diluted Shares Outstanding: (2)             96.7
    Fully Diluted Net Asset Value per Share: (3)    $20.01

    Investment Composition: 

    As of the end of December 2016, the company's investment portfolio comprised a broad
range of assets, including a diversified alternative asset management business, TFG Asset
Management, and covered bank loans (including equity tranches of U.S. and European CLOs,
U.S. CLO mezzanine tranches and U.S. senior secured loans), real estate, equities, credit,
convertible bonds and infrastructure, as well as cash.  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) Fully Diluted Shares adjusts the IFRS shares outstanding (87.1 million) for the
        impact of certain escrow shares used as consideration in the Polygon transaction
        and associated stock dividends (together, 3.2 million), equity-based awards (0.9
        million), estimated deferred incentive fees payable in shares (2.0 million) and
        for the potential impact of share options issued (3.4 million), all subject to
        rounding. These options represent the intrinsic value of shares available for the
        GreenOak founders as at the end of December 2016 (1.1 million) plus potential
        impact of options issued to TFG's Investment Manager at the time of TFG's IPO (the
        "Investment Manager Options") (2.3 million). The Investment Manager Options, if
        exercised, will be settled by TFG on a cashless basis by issuing to the Investment
        Manager the net shares (based on then current share price) resulting from such
        exercise. IFRS Shares outstanding (approximately 87.1 million), are determined by
        reducing TFG Legal Shares issued and Outstanding (139.7 million) by approximately
        43.3 million shares held in treasury and 9.3 million shares held in aggregate in
        escrow accounts, all subject to rounding.
    (3) Calculation is with reference to Estimated Net Assets Value ($1,934.9 million)
        divided by Fully Diluted Shares Outstanding (approximately 96.7 million), all
        subject to rounding.

    Investment Composition (continued): 

    The geographical allocation of TFG's investments was determined to be 51.6% North
America, 40.8% Europe, 5.0% Asia and 2.7% Latin America at month-end. Investments in hedge
funds, private equity funds and other investment vehicles are based on the jurisdiction of
the underlying investments.  Where such underlying investments span more than one
geographic region the amounts are allocated based on the percentage of long market value
in each jurisdiction relative to the aggregate long market value of the fund or vehicle,
as the case may be.  Interests in asset management businesses are included in this
calculation and are generally based on the jurisdiction in which the business resides. 
For investments in asset management businesses with offices that span multiple geographic
areas, the geographic allocation is based upon an estimate of resources employed between
such offices.  

    Calendar: 

    Please see the TFG website for the latest calendar:
http://www.tetragoninv.com/investors/calendar-and-events

    About TFG: 

    TFG is a Guernsey closed-ended investment company traded on Euronext Amsterdam N.V.
under the ticker symbol "TFG.NA" and on the Specialist Fund Segment of the main market of
the London Stock Exchange under ticker symbol "TFG.LN".  TFG's investment objective is to
generate distributable income and capital appreciation.  It aims to provide stable returns
to investors across various credit, equity, interest rate, inflation and real estate
cycles.  TFG's investment portfolio comprises a broad range of assets, including a
diversified alternative asset management business, TFG Asset Management, and covers bank
loans, real estate, equities, credit, convertible bonds and infrastructure.

    This release contains inside information within the meaning of Article 7(1) of the EU
Market Abuse Regulation. 

    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, 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:  
    David Wishnow/Greg Wadsworth 
    Investor Relations 
    ir@tetragoninv.com  

    Press Inquiries: 
    Prosek Partners 
    Andy Merrill and Ryan FitzGibbon 
    +1-212-279-3115 ext. 216 and ext. 234 
    Pro-tetragon@prosek.com  

     
PRN NLD



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