http://www.reportlinker.com/p097863/World-Restaurants-Market-Brief.html

The global outlook series on Restaurants provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers a quick primer, and update on the trends and outlook for the restaurant industry, and enumerates recent mergers, and acquisitions. The report offers a discussion on key regional markets including United States, Japan, UK, and China. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of 1,046 companies worldwide.

RESTAURANTS GOS-043 A GLOBAL OUTLOOK, SEPTEMBER 2008

CONTENTS

1. Overview 1 Restaurants: A Major Industry with Diverse Segments 1 What Exactly is Cooking in the Restaurant Industry? 2

Table 1: Global Market for US-based Restaurant Chains (2005): Percentage Breakdown of Sales by Category - Burgers, Pizza, Casual Dining, Chicken, Family Dining, Coffee/Snacks, Sandwiches, and Others 2 Leading Global Players in the Restaurant Sector 2

2. Leading Quick Service Companies 3

3. Growth Factors 3 Rise in Preference for Eating Out and Take Away Foods Drives the Sector 3 Exotic Flavors Excite the Consumer 3

Table 2: Global Market for Leading US Based Quick-Service/Limited-Service Restaurants (2005): Outlets in Thousands for McDonald's, Subway, Pizza Hut, KFC, Burger King, Domino's, Taco Bell, Wendy's, Dairy Queen, 7-Eleven, Dunkin' Donuts, and Others 4

4. Trends and Issues 4 Restaurants: Remarkable Growth in Tune with the Times 4 Generation Y's Influence and Demand on the Restaurant Sector 4 Healthy Eating Catches Up with the Restaurant Sector 5 Strategies 5 Techno-Savvy Restaurants Try to Offer Better Service 5 Restaurants Dish Out Working Women-Friendly Offerings 5 Global Food Industry and Consumer Spending 5 What is "In" and What is "In Store"? 6 Fast Food - Growing Fast 6 Bright Outlook for Fast Food 6 Full-Service Restaurant Segment Preferred by Middle Aged Population 6 Aging and Growing World Population Augurs Wellfor the Restaurant Sector 7

5. Mergers And Acquisitions 7

6. Strategic Corporate Developments 26

7. Outlook 33

8. A North American Perspective 34

8a. United States 34 Overview 34 Restaurant Industry, the Nation's Economic Powerhouse 34

Table 3: Restaurants Market in the US (2006 & 2007): Percentage Breakdown of Value Sales by Region - Southeast, Midwest, West, Mid-Atlantic, Southwest, and New England 34

Table 4: Restaurant Market in the US (2006): Number of Restaurant Chains and Independent Restaurants 35

Table 5: Leading Hotel and Restaurant Chains in the US (2005): System-wide Foodservice Sales in US$ Million for McDonald's, Burger King, Wendy's, Subway, Taco Bell, Aramark Global Food & Support Services, Pizza Hut, KFC, Starbucks Coffee, Applebee's Neighborhood Grill & Bar, Dunkin' Donuts, and Domino's Pizza 35

Table 6: Leading Restaurants in the US (2005): Food and Beverage Sales in US$ Million for Tavern on the Green, Hilltop Steakhouse, Old Ebbitt Grill, Bob Chinn's Crab House, Joe's Seafood, The Manor, The Milleridge Inn, Phillips Harborplace, Venus de Milo Restaurant, and Zehnder's of Frankenmuth 35

Table 7: Leading Restaurants in the US (2005): Alcoholic-Beverage Sales in US$ Million for Tao Asian Bistro, Old Ebbitt Grill, Gibsons Bar Steakhouse, Gibsons Bar Steakhouse, Abe & Louie's, Hugo's Frog Bar & Fish House, Coffee Shop, California Grill, Portland City Grill, and Harry Carey's Restaurant 36

Table 8: Leading Restaurant Chains in the US (2005): Marketing Spending in US$ Million for McDonald's, Wendy's, Subway, Burger King, KFC, Taco Bell, Pizza Hut, Applebee's, Domino's, and Chili's 36

Table 9: US Advertising Expenditure of Restaurant and Fast Food Sector by Media: Consumer Magazine, Sunday Magazine, Local Newspaper, National Newspaper, Outdoor, Network TV, Spot TV, Syndicate TV, Cable TV Networks, Network Radio, and National Spot Radio Independently Analyzed with Annual Sales Figures in US$ Million for Years 2003 through 2008 37

Table 10: Restaurant Market in the US (2006): Percentage Breakdown of Advertisement Expenditure by Category - Quick Service Restaurants, Casual Dining, Pizza, and Others 37 Characteristics of the US Restaurant Industry 37 Growth Drivers 38 US Restaurant Industry Parameters 38 Market Trends 38 On the Go 38 Increasing Emphasis on Design and Decor 39 Summer Travel and Tourism Season Boosts Restaurant Sales 39 Investment on IT 39 Foodservice Outlets 39 Consumer Behavior 39 Enhancing the Consumer's Experience 39 Mood Matters 40 Consumer Spending Behavior based on Age 40 Consumer Spending Behavior based on Household 40 Consumer Spending Behavior based on Household Composition 40 Consumer Spending Behavior based on Wage Earners 40 Consumer Spending Behavior based on Occupation 40 Consumer Spending Behavior based on Income 40 Legislative Outlook 40 Outlook 41 Restaurant Industry - Segment Wise Perspective 41 The Fast Food Segment 41 Market Trends and Factors 41 The Quick Service Segment 41 Growth Drivers 41 Market Trends 41 Competitive Factors 42 Shortage of Labor 42 Employee Retention 42 Outlook 42 Table 11: Quick Service Restaurant Preference in the US (2005): Percentage Breakdown of Survey by Category - Close to Home, Passing By, Close to Work, Service, and Food 42 The Full Service Segment 43 Market Trends 43 Customizing Customer Service 43 Outlook 43

Table 12: Leading Full-Service Restaurant Chains in the US (2005): Sales in US$ Million for Applebee's, Chili's, Outback, TGI Friday's, Red Lobster, Olive Garden, Denny's, IHOP, Cracker Barrel, Ruby Tuesday, Golden Corral, The Cheesecake Factory, Bob Evans, HomeTown Buffet/Old Country Buffet, and Hooters 44

Table 13: US Full Service Restaurants' Food Purchases - Family Style, Varied Menu, Italian, Casual Steak, Fish/Seafood, Mexican, Family Steak, Others Independently Analyzed with Annual Sales Figures in US$ Billion for Years 2003 through 2008 45 Ethnic Goes Mainstream 45 "Deli" Segment 45 Supermarkets 46 Mobile Catering Segment 46 Non-Store Retail Segment 46 Casual Dining Restaurants Chains 46 Overview 46 Table 14: US Casual Dining Restaurant Chain Sales by Menu - Varied Menu, Steak, Italian, Seafood, Mexican, Asian, BBQ, Multiple Concepts, and Other Specialty Independently Analyzed with Annual Sales Figures in US$ Million for Years 2003 through 2008 47

Table 15: Casual Dining Restaurant Chains in the US (2005): Number of Stores by Menu - Varied Menu, Steak, Italian, Seafood, Mexican, Asian, BBQ, Multiple Concepts, and Other Specialty 47 Outlook 47 Table 16: Select Casual Dining Restaurants Chains in the US (2005): Sales in US$ Million for Applebee's Neighborhood Grill & Bar, Chili's Bar & Grill, TGI Friday's, Ruby Tuesday, The Cheesecake Factory, Hooters, Red Robin Gourmet Burgers, Bennigan's Grill & Tavern, Buffalo Wild Wings Grill & Bar, and O'Charley's 48

Table 17: Fastest Growing Casual Dining Restaurant Chains in the US (2005 & 2006): Sales in US$ '000 for Buffalo Wild Wings Grill & Bar, Famous Dave's, Bonefish Grill, BJ's Restaurant & Brewery, Fleming's Prime Steakhouse & Wine Bar, Bubba Gump Shrimp Co., Cheeseburger in Paradise, Yard House, Abuelo's Mexican Food Embassy, and Boston's The Gourmet Pizza 49

Table 18: Casual-Dining Restaurant in the US (2005): Percentage Breakdown of Survey by Reasons for Visiting - Fun Evening With Friends, Special Occasion, Didn't Want to cook on Weekday, Lunch with Co-Worker/Friend, Routine Weekend Dining, Craving for Specific Food, Date/ Romantic Occasion, and None of the Above/Don't Know 49

Table 19: Casual-Dining Restaurant Goers' in the US (2005): Percentage Breakdown of Rating of Restaurant by Attribute - Freshness of Food, Taste/Flavor of Food, Friendliness/Courtesy, Attentiveness of Service, Appearance of Food, Value for Money, Reasonable Prices, and Others 50 Full Service and Fast Restaurant Chains 50 Outlook 50 Limited Service Restaurant Chains 50 Table 20: Limited-Service Restaurant Chains in the US (2005): Sales in US$ Million for McDonald's, KFC, Burger King, Pizza Hut, Subway, Wendy's, Starbucks, Taco Bell, Domino's, Dunkin' Donuts, Tim Hortons, Sonic, Arby's, Jack in the Box, and Dairy Queen 51

Table 21: US Limited Service Restaurant Chain Sales by Menu - Hamburger, Pizza, Chicken, Other Sandwich, Mexican, Ice Cream/Yogurt, Donut, Cafeteria/ Buffet, Seafood, and Other Specialty Independently Analyzed with Annual Sales Figures in US$ Billion for Years 2003 through 2008 51 Mid Scale Restaurant Chains 52 Table 22: US Mid Scale Restaurant Chain Sales by Menu - Family Style, Family Steak, and Other Specialty Independently Analyzed with Annual Sales Figures in US$ Million for Years 2003 through 2008 52

Table 23: Mid Scale Restaurant Chains in the US (2005): Number of Stores by Menu - Family Style, Family Steak, and Other Specialty 52 Family Restaurants Chain 52 Table 24: Family Restaurant Chains in the US (2005): Number of Units for Huddle House, Village Inn, Country Kitchen, Cocos, Bakers Square, Sonny's Real Pit Bar B Q, Carrows, Shari's Restaurants, and Eat'n Park 53

Table 25: Family Restaurants in the US (2005): Sales in US$ Billion for Applebee's, Chili's Grill & Bar, Outback Steakhouse, Olive Garden, Red Lobster, Denny's, IHOP, TGI Friday's, Cracker Barrel, and Golden Corral 53 Sandwich Restaurant Chains 53 Outlook 53 Table 26: Sandwich Restaurant Chains in the US (2005): Percentage Breakdown of Value Sales for McDonald's, Burger King, Wendy's, Subway, Taco Bell, Sonic Drive-In, Arby's, Jack in the Box, Dairy Queen, Hardee's, and Others 54

Table 27: Sandwich Restaurant Chains in the US (2005): Average Sales Per Unit in US$ '000 for McDonald's, Culver's Frozen Custard, Chipotle Mexican Grill/Chipotle, Whataburger, White Castle, Jack in the Box, Wendy's, Del Taco, Carl's Jr., Burger King, and Taco Bell 54

Table 28: Sandwich Restaurant Chains in the US (2005): Number of Units for Blimpie Subs & Salads, A&W Restaurants, Togo's Eatery, Taco John's, Checkers Drive-In, Rally's Hamburgers, Wienerschnitzel, Chipotle, Baja Fresh Mexican Grill, Culver's Frozen Custard, In-N-Out Burger, Taco Cabana, and Jason's Deli 55

Table 29: Sandwich Restaurant Chains in the US (2006): System-Wide Sales in US$ Million for Krystal, Jason's Deli, Checkers, Baja Fresh Mexican Grill, Blimpie Subs & Salads, Rally's Hamburgers, Taco John's, Qdoba Mexican Grill, McAlister's Deli, and Wienerschnitzel 55 Contract Foodservice Chains 55 Table 30: Contract Food Service Chains in the US (2005): Number of Outlets for Canteen Services, Aramark Global Food/Leisure Services, Sodexho Corporate Services, and Others 56 Pizza Restaurant Chains 56 Table 31: Pizza Restaurant Chains in the US (2005): Sales in US$ Million for Pizza Hut, Domino's Pizza, Papa John's, Little Caesars, Chuck E. Cheese Pizza, CiCi's Pizza, Papa Murphy's Take 'N' Bake Pizza, Round Table Pizza, Godfather's Pizza, and Hungry Howie's Pizza & Subs 56

Table 32: Pizza Chains in the US (2005 & 2006): Number of Units for Pizza Hut, Domino's Pizza, Papa John's Pizza, Little Caesars Pizza, CiCi's Pizza, and Chuck E. Cheese's 57 Bakery-Cafe/Sandwich Restaurants 57 Table 33: Bakery-Cafe Restaurant Chain in the US (2005): Number of Units for Einstein Bros. Bagels, Bruegger's Bagel Bakery, Au Bon Pain, and Corner Bakery 57

Table 34: Bakery-Cafe/Sandwich Restaurant Chains in the US (2005): Sales in US$ Million for Subway, Arby's, Panera Bread, Quiznos Sub, Einstein Bros. Bagels, Jason's Deli, Blimpie, Au Bon Pain, Wienerschnitzel, Schlotzsky's, McAlister's Deli, Corner Bakery Cafe, Atlanta Bread Company Bakery Cafe, Jimmy John's Gourmet Subs, and Togo's 58

Table 35: Sandwich Chains in the US (2005): Number of Domestic Outlets for Subway, McDonald's, Burger King, Taco Bell, Wendy's, Dairy Queen, Arby's, Sonic Drive-In, Hardees, Jack in the Box, Quiznos Sub, Carls Jr, Schlotzsky's Deli, Whataburger, Krystal, and Del Taco 58 Dinner House Chains 58 Table 36: Dinnerhouse Chain Restaurants in the US (2005): System-wide Foodservice Sales in US$ Million for Applebee's Neighborhood Grill & Bar, Chili's Grill & Bar, Outback Steakhouse, Olive Garden, Red Lobster, TGI Friday's, Ruby Tuesday, The Cheesecake Factory, Texas Roadhouse, Red Robin Gourmet Burgers & Spirits, Romano's Macaroni Grill, P.F. Changs China Bistro, Longhorn Steakhouse, Buffalo Wild Wings Grill & Bar, and Bennigan's Irish American Grill & Tavern 59

Table 37: Dinnerhouse Chain Restaurants in the US (2005): Sales Per Unit in US$ '000 for The Cheesecake Factory, P.F. Chang's China Bistro, Olive Garden, Texas Roadhouse, Red Lobster, TGI Friday's, Romano's Macaroni Grill, Outback Steakhouse, Logan's Roadhouse, and Chili's Grill & Bar 60

Table 38: Dinnerhouse Chain Restaurants in the US (2005): Number of Domestic Units for Applebee's Neighborhood Grill & Bar, Chili's Grill & Bar, Ruby Tuesday, Outback Steakhouse, Red Lobster, Olive Garden, TGI Friday's, Hooters, Buffalo Wild Wings Grill & Bar, and Red Gourmet Robin Burgers & Spirits 60 Seafood Restaurants 60 Table 39: Seafood Restaurants Chains in the US (2005): Sales in US$ Million for Red Lobster, Long John Silver's, Captain D's, Joe's Crab Shack, McCormick & Schmick's, Bonefish Grill, Landry's Seafood House, Legal Sea Foods, Pappadeaux Seafood Kitchen, and Bubba Gump Shrimp 61 Steak/Barbecue Restaurants 61 Table 40: Steak/Barbecue Restaurants Chains in the US (2005): Sales in US$ Million for Outback Steakhouse; Texas Roadhouse; LongHorn Steakhouse; Lone Star Steakhouse & Saloon; Tony Roma's; Ruth's Chris Steak House; Famous Dave's Legendary Pit Bar-B-Que; Morton's, The Steakhouse; Sonny's Real Pit Bar-B-Q; and Smokey Bones Barbeque & Grill 61 Family Dining Restaurant Chains 61 Table 41: Steak/Barbecue Restaurants Chains in the US (2005): Sales in US$ Million for Outback Steakhouse; Texas Roadhouse; LongHorn Steakhouse; Lone Star Steakhouse & Saloon; Tony Roma's; Ruth's Chris Steak House; Famous Dave's Legendary Pit Bar-B-Que; Morton's, The Steakhouse; Sonny's Real Pit Bar-B-Q; and Smokey Bones Barbeque & Grill 62

Table 42: Family Dining Restaurant Chains in the US (2006): Number of Units for Huddle House, Shoney's, Big Boy Restaurant & Bakery, Village Inn, Bakers Square, Sonny's Real Pit Bar-B-Q, Coco's, and Eat 'n Park 62 Hamburger Restaurant Chains 62 Table 43: Hamburger Restaurant Chains in the US (2005): Sales in US$ Million for McDonald's, Burger King, Wendy's, Sonic Drive-In, Jack in the Box, Hardee's, Carl's Jr., Whataburger, Checkers Drive-In/Rally's Hamburgers, and White Castle 63 Metropolitan Restaurants 63 Buffet/Cafeteria Restaurant Chains 63

Table 44: Buffet Restaurant Chains in the US (2006): System-wide Sales in US$ Million for Golden Corral, Ryan's Grill Buffet & Bakery, HomeTown Buffet, and Old Country Buffet 63 Chicken Restaurant Chains 63

Table 45: Chicken Restaurant Chains in the US (2005): Sales in US$ Million for KFC, Chick-fil-A, Popeyes Chicken & Biscuits, Church's Chicken, Boston Market, El Pollo Loco, Bojangles' Famous Chicken 'n Biscuits, Chester's, Zaxby's, and Pollo Tropical 64

Table 46: Chicken Restaurant Chains in the US (2005): Number of Domestic Units for KFC, Popeyes Chicken & Biscuits, Chester's, Chick-fil-A, Church's Chicken, Boston Market, Bojangles' Famous Chicken 'n Biscuits, and El Polio Loco 64 Mexican Restaurant Chains in the US 64

Table 47: Mexican (Limited Service) Restaurants Chains in the US (2005): Sales in US$ Million for Taco Bell, Chipotle, Del Taco, Baja Fresh Mexican Grill, Taco John's, Taco Cabana, Moe's Southwest Grill, Qdoba Mexican Grill, Taco Time, Taco Bueno, Rubio's Fresh Mexican Grill, La Salsa Fresh Mexican Grill, Taco Del Mar, Wahoo's Fish Tacos, and Taco Mayo 65

Table 48: Mexican (Full Service) Restaurants Chains in the US (2005): Sales in US$ Million for On the Border Mexican Grill & Cantina, Chevys Fresh Mex, Don Pablo's, El Torito, El Chico Cafe, Acapulco Mexican Restaurant Y Cantina, Abuelo's Mexican Food Embassy, Carlos O'Kelly's Mexican Cafe, Azteca Mexican Restaurant, and Casa Ole 65 Asian Restaurant Chains in the US 65

Table 49: Asian (Full service) Restaurants Chains in the US (2005): Sales in US$ Million for P.F. Chang's China Bistro, Benihana, Roy's, Nobu, and bd's Mongolian Grill 66 Coffee/Tea Restaurant Chains 66

Table 50: Coffee/Tea Restaurants Chains in the US (2005): Sales in US$ Million for Starbucks, Caribou Coffee, Peet's Coffee & Tea, The Coffee Bean & Tea Leaf, The Coffee Beanery, and Tully's Coffee 66 Snack Restaurants Chains 66

Table 51: Snack Restaurants Chains in the US (2005): System-wide Foodservice Sales in US$ Million for Dunkin' Donuts, Krispy Kreme Doughnuts, and Baskin-Robbins 66

Table 52: Snack Restaurants Chains in the US (2005): Number of Domestic Units for Dunkin' Donuts, Baskin-Robbins, and Krispy Kreme Doughnuts 66 C-Store Restaurant Chains 67

Table 53: C-Store Chains in the US (2005): Sales in US$ Million for 7-Eleven, Wawa, Circle K, White Hen, Sheetz, and Casey's General Store 67 Italian Restaurant Chains 67

Table 54: Select Italian Restaurant Chains in the US (2005): Sales in US$ Million for Olive Garden, Romano's Macaroni Grill, Sbarro, Carrabba's Italian Grill, Uno Chicago Grill, Johnny Carino's Italian, Fazoli's, Maggiano's Little Italy, Buca di Beppo, Bertucci's Brick Oven Ristorante, and Papa Gino's 67 Grill-Buffet-Restaurant Chains 67

Table 55: Grill-buffet Restaurant Chains in the US (2005): Number of Domestic Units for Golden Corral, Ponderosa Steakhouse, and Ryan's Family Steak House 68

Table 56: Grill-buffet Restaurant Chains in the US (2005): System-wide Foodservice Sales in US$ Million for Golden Corral, Ryan's Family Steak House, and Ponderosa Steakhouse 68 Restaurant and Bar Foodservice 68

Table 57: US Restaurant and Bar Foodservice Analyzed with Annual Sales Figures in US$ Billion for Years 2003 through 2008 68 Military Restaurant Chains 69 Table 58: US Military Restaurant Services Sales by Type - Officer and NCO Clubs, and Military Exchanges Independently Analyzed with Annual Sales Figures in US$ Billion for Years 2003 through 2008 69

9. Japan 69 Overview 69 Inhibiting Factors 69

10. European Perspective 70

10a. Russia 70 Sbarro to Become Russia's Third Largest Restaurant Chain 70

10b. United Kingdom 70 Market Trends 70 Convenience Food 70 Take Away Food 70 Supermarkets 70 Contract Foodservice 70

Table 59: Contract Foodservice Market in the UK (2005): Percentage Breakdown for Compass/Sutcliffe, Sodexho, Aramark, Elior, and Others 71 Market Players 71 Outlook 71

11. An Asian Perspective 71 Overview 71 Governing Factors 71 Chain Penetration Rate of Various Segments 72

11a. China 72 Leading US Casual Dining Players 72 Chinese Restaurant Market 72 Chinese QSR Market 72

GLOBAL DIRECTORY

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    Net Asset Value Estimates as of October 31, 2008
    (Amounts provided are unaudited and subject to change)

                                              (in millions except per share
                                              data)

    Estimated Fair Value of Investments:      $1,288.6
    Cash and Cash Equivalents:                  $168.4
    Net Other Assets/ (Liabilities): (2)       $(124.0)
    Estimated Net Asset Value:                $1,333.0
    TFG Shares Outstanding:                      128.1
    Net Asset Value per Share: (3)(4)           $10.59

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

    (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) As of October 31, 2008 TFG had no net borrowings (cash and amounts
    due from brokers exceeded total borrowings).

    (3) Excludes 2.1 million shares held in treasury.

    (4) NAV per share was reduced by $0.15 in October 2008 to reflect the
    approval of the quarterly dividend relating to Q3 2008.



                              Portfolio Composition

         Portfolio Held by Tetragon Financial Group Master Fund Limited
                            (unless otherwise stated)
                             As of October 31, 2008



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

    31 October 2008       $3.50  $448.2      $1,333.0              61(2)


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

    Broadly Syndicated Senior   64.0%      $825.1     $808.4
    Secured Loans: US
    Broadly Syndicated Senior   20.2%      $260.7     $252.3
    Secured Loans: Europe
    Middle Market Senior        15.8%      $202.8     $200.9
    Secured Loans: US
    CDOs Squared: US             0.0%        $0.0       $0.0
    ABS and Structured           0.0%        $0.0       $0.0
    Finance: US

    Total                      100.0%    $1,288.6   $1,261.6          0.95


    Geographic Allocation by     USA     Europe       Asia       Total
    Asset Class                                    Pacific

    Broadly Syndicated Senior   76.0%      24.0%       0.0%      100.0%
    Secured Loans
    Middle Market Senior       100.0%       0.0%       0.0%      100.0%
    Secured Loans
    CDOs                         0.0%       0.0%       0.0%        0.0%
    Squared
    ABS and Structured           0.0%       0.0%       0.0%        0.0%
    Finance

                                79.8%      20.2%       0.0%      100.0%


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

    HCA Inc                      0.84%
    Georgia Pacific Corp         0.83%
    Community Health             0.77%
    TXU Corp                     0.75%
    Univision                    0.74%
    Communications
    Idearc                       0.74%
    Cablevision Systems          0.59%
    Corp
    Ineos                        0.56%
    Group Plc
    Aramark                      0.55%
    Corp
    Freescale                    0.53%
    Semiconductor Inc
    Nielsen Company              0.53%
    SunGard Data Systems         0.50%
    Inc
    First Data                   0.50%
    Corp
    OshKosh                      0.47%
    Truck
    Metro-Goldwyn-Mayer          0.47%
    Inc


    EUR-USD FX:   1.27

    (1) Calculated using TFG shares outstanding and month end exchange 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).


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

    Expected Upcoming Events                     Date

    Q3 Dividend Payment Date                     November 18, 2008
    Bank of America Credit Conference (Florida)  November 20, 2008
    FBR Global Equity Conference (New York)      December 3, 2008
    November 2008 Monthly Report                 December 16, 2008 (approx)

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:                                Press Inquiries:
    Ryan Stork/Yuko Thomas              Finsbury
    Investor Relations                  Charles Chichester/Talia Druker
    ir@polygoninv.com                   /Rollo Head
                                        +44-20-7251-3801

SOURCE Tetragon Financial Group Limited

Net Asset Value Estimates as of October 31, 2008

(Amounts provided are unaudited and subject to change)

(in millions except per share
                                              data)

    Estimated Fair Value of Investments:      $1,288.6
    Cash and Cash Equivalents:                  $168.4
    Net Other Assets/ (Liabilities): (2)       $(124.0)
    Estimated Net Asset Value:                $1,333.0
    TFG Shares Outstanding:                      128.1
    Net Asset Value per Share: (3)(4)           $10.59

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

    (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) As of October 31, 2008 TFG had no net borrowings (cash and amounts
    due from brokers exceeded total borrowings).

    (3) Excludes 2.1 million shares held in treasury.

    (4) NAV per share was reduced by $0.15 in October 2008 to reflect the
    approval of the quarterly dividend relating to Q3 2008.

Portfolio Composition

         Portfolio Held by Tetragon Financial Group Master Fund Limited
                            (unless otherwise stated)
                             As of October 31, 2008



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

    31 October 2008       $3.50  $448.2      $1,333.0              61(2)

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

    Broadly Syndicated Senior   64.0%      $825.1     $808.4
    Secured Loans: US
    Broadly Syndicated Senior   20.2%      $260.7     $252.3
    Secured Loans: Europe
    Middle Market Senior        15.8%      $202.8     $200.9
    Secured Loans: US
    CDOs Squared: US             0.0%        $0.0       $0.0
    ABS and Structured           0.0%        $0.0       $0.0
    Finance: US

    Total                      100.0%    $1,288.6   $1,261.6          0.95

Geographic Allocation by     USA     Europe       Asia       Total
    Asset Class                                    Pacific

    Broadly Syndicated Senior   76.0%      24.0%       0.0%      100.0%
    Secured Loans
    Middle Market Senior       100.0%       0.0%       0.0%      100.0%
    Secured Loans
    CDOs                         0.0%       0.0%       0.0%        0.0%
    Squared
    ABS and Structured           0.0%       0.0%       0.0%        0.0%
    Finance

                                79.8%      20.2%       0.0%      100.0%

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

    HCA Inc                      0.84%
    Georgia Pacific Corp         0.83%
    Community Health             0.77%
    TXU Corp                     0.75%
    Univision                    0.74%
    Communications
    Idearc                       0.74%
    Cablevision Systems          0.59%
    Corp
    Ineos                        0.56%
    Group Plc
    Aramark                      0.55%
    Corp
    Freescale                    0.53%
    Semiconductor Inc
    Nielsen Company              0.53%
    SunGard Data Systems         0.50%
    Inc
    First Data                   0.50%
    Corp
    OshKosh                      0.47%
    Truck
    Metro-Goldwyn-Mayer          0.47%
    Inc


    EUR-USD FX:   1.27

    (1) Calculated using TFG shares outstanding and month end exchange 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).

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

    Expected Upcoming Events                     Date

    Q3 Dividend Payment Date                     November 18, 2008
    Bank of America Credit Conference (Florida)  November 20, 2008
    FBR Global Equity Conference (New York)      December 3, 2008
    November 2008 Monthly Report                 December 16, 2008 (approx)

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:                                Press Inquiries:
    Ryan Stork/Yuko Thomas              Finsbury
    Investor Relations                  Charles Chichester/Talia Druker
    ir@polygoninv.com                   /Rollo Head
                                        +44-20-7251-3801

PRN NLD

For further information, please contact: TFG: Ryan Stork/Yuko Thomas, Investor
Relations, ir@polygoninv.com; Press Inquiries: Finsbury, Charles
Chichester/Talia Druker/Rollo Head, +44-20-7251-3801

Founded in 1981, Brand Coffee provides office coffee service that includes premium coffees, hot and cold drinks, snack selections and allied products. Brand Coffee has nearly 3,000 clients who will continue to receive the customer-focused service upon which Brand built its reputation.

According to H. Ben Taub, former Chairman of Brand Coffee, "This is a wonderful opportunity for two great companies. We believe ARAMARK will provide the same quality products and service that our customers value."

"We are excited about the new opportunities to enhance the workplace experience for so many customers in Texas," said Rod Armstrong, Vice President of Acquisitions. "Brand Coffee is a well-known and highly respected business that shares the same values in terms of providing an outstanding workplace experience and great customer service."

About ARAMARK Refreshment Services

ARAMARK provides workplace refreshments to more than 100,000 locations throughout North America, offering clients a single source for office coffee service, water filtration, brand-name beverages, and food and break-room essentials. Through its Complete Breaktime Experience(TM) Refreshment Services offers a holistic approach to providing outstanding client service which helps employers attract and retain the best people. Learn more at ARAMARK Refreshment Services' website: www.aramarkrefreshments.com

About ARAMARK

ARAMARK is a leader in professional services, providing award-winning food services, facilities management, and uniform and career apparel to health care institutions, universities and school districts, stadiums and arenas, and businesses around the world. In FORTUNE magazine's 2008 list of "America's Most Admired Companies," ARAMARK was ranked number one in its industry, consistently ranking since 1998 as one of the top three most admired companies in its industry as evaluated by peers and analysts. ARAMARK also ranked first in its industry in the 2007 FORTUNE 500 survey. ARAMARK seeks to responsibly address issues that matter to its clients, customers, employees and communities by focusing on employee advocacy, environmental stewardship, health and wellness, and community involvement. Headquartered in Philadelphia, ARAMARK has approximately 250,000 employees serving clients in 19 countries. Learn more at the company's Web site, www.aramark.com.

SOURCE: ARAMARK Refreshment Services, LLC

ARAMARK Corporation 
Laura Temple 
215-238-6841 
temple-laura@aramark.com 
or 
Sarah Jarvis 
215-238-7168 
jarvis-sarah@aramark.com