FINANCIAL HIGHLIGHTS Odyssey Re Holdings Corp. (dollars in millions, except per share and combined ratio data) (dollars in millions) Gross Premiums Written by Division (1) Diluted earnings per share in the years 2003 and 2002 has been restated to include the effect of implementing EITF 4-08 on a retroactive basis. See Note 8 to the consolidated financial statements. (2) A portion of the gross premiums written by the U.S. Insurance division has been ceded to, and is also included in, the Americas division’s gross premiums written. Accordingly, the gross premiums written as shown in the table above does not agree to the gross premiums written of $2,656.5 million,  $2,558.2 million and $1,894.5 million for the years ended December 31, 2004, 2003 and 2002, respectively, reflected in the consolidated statements of operations. 2004 2003 2002 Gross premiums written  $2,656.5 $2,558.2 $1,894.5 Net premiums written  2,362.6 2,153.6 1,631.2 Net investment income  164.7 134.1 123.0 Net realized investment gains 113.5 202.7 135.8 Income before income taxes  and cumulative effect of a  change in accounting principle 278.8 378.3 258.1 Net income 186.9 249.2 208.2 Per common share results-basic 2.90 3.85 3.22 Per common share results-diluted (1) 2.71 3.59 3.09 Total assets 7,705.8 6,460.1 5,303.7 Stockholders’ equity 1,585.5 1,390.2 1,056.1 Return on average equity 12.6% 20.4% 22.2% Net book value 24.48 21.39 16.25 Combined ratio  98.0% 96.8% 99.1% 2004 2003 2002 Americas $1,263.2 $1,421.4 $1,189.0 EuroAsia 553.6 408.1 258.6 London Market 447.7 437.9 315.3 U.S. Insurance 412.1 333.8 168.6 Total Gross Premiums Written (2) $2,676.6 $2,601.2 $1,931.5 1