Publication of Supplementary Prospectus

11 November 2011

CATCO REINSURANCE OPPORTUNITIES FUND LTD.

Publication of Supplementary Prospectus

11 November 2011

Further to the announcement of the interim results for the period ended 30 June 2011 and various announcements released to the market that the Company believes are significant for the purposes of enabling investors to make an informed assessment of the Company, the Company is pleased to announce the publication yesterday of a Supplementary Prospectus reflecting the significant new information reported.

A copy of the Supplementary Prospectus has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do.

The Supplementary Prospectus will also be available shortly on the Company's website, www.catcoim.com. A copy of the Supplementary Prospectus can be viewed at the registered office of the Hogan Lovells International LLP, Atlantic House, Holborn Viaduct, London EC1A 2FG.

For further information, please contact:

Jason Bibb

CATCo Investment Management Ltd

Telephone: +1 441 531 2227

Email: jason.bibb@catcoim.com