SELECTED FINANCIAL DATA The following selected financial data should be read in connection with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and notes that are included in this Annual Report. Financial information in the table reflects the results of operations and financial position of OdysseyRe. The following GAAP statement of operations and balance sheet data relating to each of the years 2000 through 2004 has been derived from our annual consolidated financial statements, audited by PricewaterhouseCoopers LLP, our independent registered public accounting firm. Consolidated balance sheets as of December 31, 2004 and 2003, and the related consolidated statements of operations and comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2004, and related notes, ar included in this Annual Report. We encourage you to read the consolidated financial statements included in this Annual Report because they contain our complete financial statements for the years ended December 31, 2004, 2003 and 2002. The results of operations for the year ended December 31, 2004 are not necessarily indicative of future r esults. Years Ended December 31, 2004 2003 2002 2001 2000 (dollars in thousands, except per share data) GAAP Statement of Operations  Data: Gross premiums written $ 2,656,509 2,558,156 $ 1,894,530 $ 1,153,606 $ 862,166 Net premiums written $ 2,362,577 2,153,580 $ 1,631,245 $ 984,650 $ 701,334 Net premiums earned $ 2,331,067 1,965,093 $ 1,432,642 $ 900,537 $ 681,831 Net investment income 164,703 134,115 123,028 114,600 126,593 Net realized investment gains 113,464 202,742 135,796 13,313 23,611 Total revenues 2,609,234 2,301,950 1,691,466 1,028,450 832,035 Losses and loss adjustment  expenses 1,629,564 1,325,765 987,195 725,767 503,464 Acquisition costs 528,425 476,015 362,262 248,425 198,570 Other underwriting expenses 125,679 101,308 70,269 64,694 53,254 Other expense (income), net 21,207 7,912 4,985 (755) (3,839) Interest expense 25,609 12,656 8,689 5,938 — Total expenses 2,330,484 1,923,656 1,433,400 1,044,069 751,449 Income (loss) before income taxes  and cumulative effect of a change  in accounting principle 278,750 378,294 258,066 (15,619) 80,586 Federal and foreign income tax  provision (benefit) 91,851 129,069 86,751 (7,658) 25,795 Income (loss) before cumulative  effect of a change in accounting  principle 186,899 249,225 171,315 (7,961) 54,791 Cumulative effect of a change in  accounting principle — — 36,862 — — Net income (loss), as reported 186,899 249,225 208,177 (7,961) 54,791 Adjustments: Negative goodwill — — — (8,348) (8,348) Goodwill — — — 2,516 2,516 Adjusted net income (loss) (1) $ 186,899 249,225 $ 208,177 $ (13,793) $ 48,959 21