Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

CatCo Reinsurance Opportunities Fund Ltd

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

Yes

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to the notification obligation:

Baillie Gifford & Co

4. Full name of shareholder(s) (if different from 3.):

5. Date of the transaction and date on which the threshold is crossed or reached:

18 Aug 2011

6. Date on which issuer notified:

19 Aug 2011

7. Threshold(s) that is/are crossed or reached:

10%

8. Notified details:

A: Voting rights attached to shares

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

Ordinary

Shares

BMG1961Q1006

C Shares

BMG1962E1066

7789200

-

7789200

-

8491654

13388269

 8491654

13388269

3.99

6.29

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate

Exercise/ConversionPeriod

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

 N/A

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Exerciseprice

Expirationdate

Exercise/Conversionperiod

Number of votingrights instrumentrefers to

% of voting rights

N/A

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

21879923

10.28

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable:

In the narrative below, the figures in [ ] indicate the amount of voting rights and the percentage held by each controlled undertaking where relevant.

Baillie Gifford & Co, a discretionary investment manager, is the parent undertaking of an investment management group.

 Its wholly-owned subsidiary undertaking Baillie Gifford Overseas Limited [1,162,011; 0.55%] is also a discretionary investment manager.

Its wholly-owned subsidiary undertaking Baillie Gifford & Co Limited [14,156,567; 6.65%] is an OEIC Authorised Corporate Director and Unit Trust Manager which has delegated its discretionary investment management role to Baillie Gifford & Co.

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

14. Contact name:

Gillian Wright

15. Contact telephone number:

0131 247 3041

Annex: Notification of major interests in shares

A: Identity of the persons or legal entity subject to the notification obligation

Full name

(including legal form of legal entities)

Baillie Gifford & Co (Scottish partnership)

Contact address

(registered office for legal entities)

Calton Square

1 Greenside Row

Edinburgh

EH1 3AN

Phone number & email

01310275 3041

Other useful information

(at least legal representative for legal persons)

Contact Name(s): Gillian Wright;

B: Identity of the notifier, if applicable

Full name

N/A

Contact address

Phone number & email

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information