OdysseyRe is distinguished in its markets by its unchanging emphasis on the five qualities that we refer to as The Odyssey Edge: global reach, quick response, technical skill, diversification and financial strength. You’ll see in this report how these points of differentiation benefited our business in 2004. access to insurance and reinsurance opportunities through multiple distribution channels. Maintain our conservative approach to capital management. Our goal is to ensure a strong and transparent balance sheet by delivering superior results accompanied by consistent, reliable claims-paying practices. Ultimately, the success of any business is grounded upon the efforts of many individuals, inspired by a shared goal. I would like to thank the more than 500 OdysseyRe professionals who have worked so hard to contribute to the continued growth in our shareholder value, which has increased by 93.1% since the end of 2001. Our worldwide business today is the result of their enormous effort and dedication. I would also like to thank our shareholders, clients and brokers for the strong support you have given OdysseyRe in 2004. Hamblin Watsa, our affiliated investment team, utilizes a value-oriented total return investment strategy to produce superior, long-term results. The periodic recognition of realized capital gains, which may fluctuate significantly from period to period, is a key component of our investment strategy. Our total return approach helped produce an increase of 93.1% in stockholders’ equity over the past three years. We believe that focusing on performance over time produces superior long-term results. We approach 2005 with optimism. Our approach is unchanged: Finally, I am pleased to announce that Robert Giammarco has been appointed Executive Vice President and Chief Financial Officer. Rob joins us from Banc of America Securities where he has worked with OdysseyRe since the time of our IPO and through our subsequent financing transactions. He knows our Company intimately, and adds valuable skills, savvy and energy to the organization, which will undoubtedly contribute significantly to our success. Anticipate and act on market developments. Our business will continue to take advantage of attractive markets and manage them appropriately through downward cycles. We believe our global platform and product offerings will sustain us through more challenging times. Sincerely, Build on our longstanding broker and client relationships. We continue to apply the best underwriting skills, business acumen and talent to negotiate the highest quality business. We enjoy wide Andrew A. Barnard President and Chief Executive Officer Looking Forward Our Investment Results Remain Strong