ODYSSEY RE HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued summary of the combined status of the 2002 Plan and changes during the years ended December 31, 2004 and 2003 is presented below: The weighted average fair value of each option granted is estimated on the date of grant using the Black Scholes Price Model with the following weighted average assumptions used for grants: expected volatility of 31.0%; risk-free interest rates ranging from 2.7% to 5.1%; annual dividend yield of 0.6%; and expected lives of five years for each grant. The following table summarizes the options outstanding and options exercisable as of December 31, 2004 that relate to the  2002 Plan: 72 Options Outstanding Options Exercisable Weighted Weighted Weighted Number Average Average Number Average Outstanding at Remaining Exercise Exercisable at Exercise December 31, 2004 Life Price December 31, 2004 Price 2,250 8.17 $17.40 — $ — 427,039 7.27 18.00 211,289 18.00 1,875 8.00 18.35 625 18.35 10,000 8.50 19.58 2,500 19.58 287,125 8.42 19.65 69,625 19.65 5,000 8.42 20.90 1,250 20.90 5,000 8.33 21.77 1,250 21.77 738,289 7.75 $18.71 286,539 $18.44 2004 2003 Weighted Weighted Number Average Number Average of Shares Exercise Price of Shares Exercise Price Outstanding, beginning of year 774,437 $18.70 446,750 $18.00 Granted — — 338,000 19.61 Exercised (22,063) $18.32 (2,063) 18.00 Forfeited (14,085) $18.76 (8,250) 18.40 Outstanding, end of year 738,289 $18.71 774,437 $18.70 Exercisable, end of year 286,539 $18.44 113,359 $18.00 Weighted average fair value of options granted during the year $ — $ 5.42