Cambridge Antibody Technology : Net Asset Value and Tender Offer Update

Net Asset Value and Tender Offer Update

Reinsurance Opportunities Fund Ltd.

CATCo Reinsurance Opportunities Fund Ltd. ('the Company')

Net Asset Value and Tender Offer Update

To: SFM, London Stock Exchange and Bermuda Stock Exchange

Date: 12 November 2015

CATCo Investment Management Ltd, as Company Secretary, announces the unaudited net asset value of the Company's Ordinary Shares of $1.2858 as at the close of business on 31 October 2015.

The Company's Ordinary Shares are currently trading at a premium to the above Net Asset Value. In accordance with the Circular to Shareholders dated 29 September 2015, therefore, no Return of Value Tender Offer has been triggered.

For further information, please contact:

Judith Wynne,

Company Secretary and General Counsel CATCo Investment Management Ltd Telephone: [phone]

Email: [e-mail]

Mark Way

Fund Operations and Investor Relations Director CATCo Investment Management Ltd Telephone: [phone]

Email: [e-mail]

David Benda / Hugh Jonathan Numis Securities Limited Telephone: [phone]

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