CATCo Reinsurance Opportunities Fund Ltd. (the “Company") - Net Asset Value and Portfolio Update

Hamilton, Bermuda:  7^th, June 2022 – In a filing with the Bermuda Stock Exchange CATCo Reinsurance Opportunities Fund Ltd. (the "Company”; Ticker: CAT.BH), announces the Net Asset Value (“NAV”) and Portfolio Update of the Company's Ordinary Shares and C Shares. The full filing stated:

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

Net Asset Value and Portfolio Update

February 2022 Net Asset Values

Markel CATCo Investment Management Ltd., the Company’s Investment Manager, announces the following unaudited Net Asset Value (“NAV”) of the Company's Ordinary Shares and C Shares as at the close of business on 28 February 2022.

Ordinary Shares

• Total NAV (USD): $53,534,038
• NAV per Share of $0.3586 (based on the number of Ordinary Shares in issue as at 28 February 2022)
• Adjusted NAV per Share of $1.2097 (based on the number of Ordinary Shares in issue post the partial compulsory redemption of shares, as announced on 7^th April 2022)

The c. 6% increase in the February NAV per Share was due to (i) contributions related to the buyout transaction representing c. 4.7% and (ii) favourable loss reserve development of c. 1.3% in relation to the Side Pocket Investment from the 2019 underwriting year.

The adjusted Ordinary Share NAV (after taking into account the April 2022 partial compulsory redemption) consists of approximately $1.1m of cash on hand and approximately $0.7m of investments held in Side Pocket Investments.

C Shares

• Total NAV (USD): $60,876,593
• NAV per Share of $0.7314 (based on the number of C Shares in issue as at 28 February 2022)
• Adjusted NAV per Share of $8.4335 (based on the number of C Shares in issue post the partial compulsory redemption of shares as announced on 7^th April 2022)

The c. 8.6% increase in the February NAV per Share was due to (i) contributions related to the buyout transaction representing c. 3.6% and (ii) favourable loss reserve development of c. 5% in relation to the Side Pocket Investment from the 2019 underwriting year.

The adjusted C Share NAV (after taking into account the April 2022 partial compulsory redemption)  consists of approximately $4.2m of cash on hand and approximately $2.8m of investments held in Side Pocket Investments.

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For more information on the Bermuda Stock Exchange (BSX), contact James Best at 1-441-292-7212 or info@bsx.com . Information is also available at bsx.com and on Bloomberg at BSX.

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