Lucien Pietropoli Chief Executive Officer EuroAsia Division OdysseyRe’s EuroAsia Division underwrites property and casualty treaty and facultative reinsurance in the European Union, Eastern Europe, Japan, the Pacific Rim, Africa and the Middle East. Headquartered in Paris, with offices in Singapore, Stockholm and Tokyo, it is well-positioned to serve this vast and growing market. Excess of loss business is underwritten predominantly through brokers, while pro rata business is often underwritten on a direct basis. In 2004, EuroAsia Division premiums grew to $553.7 million, a 35.7% increase over last year. Our combined ratio declined to 87.7% from 93.1% last year, aided by low catastrophe levels. More importantly, 2004 saw numerous downgrades and withdrawals among our competitors. These dislocations served to reinforce our consistent market position and helped stimulate growth by opening up expanded participations with Gross Premiums Written ($ in millions) 2002 $258.6 2003 $408.1 2004 $553.6 Combined Ratio 2002 99.8% 2003 93.1% 2004 87.7% 10 EUROASIA DIVISION