Andrew A. Barnard President and Chief Executive Officer “OdysseyRe achieved its third successive year of underwriting profitability and an above average return on our investments.” OdysseyRe’s investment performance was strong for the year. Net investment income for 2004 increased by $30.6 million, or 22.8%, to $164.7 million, up from $134.1 million in the previous year. This increase is largely attributable to the reinvestment in 2004 of the significant cash balances maintained during 2003 into asset classes with higher yields. Net realized investment gains for 2004 decreased by $89.3 million, to $113.5 million. Stockholders’ equity grew nicely to $1.6 billion from $1.4 billion. Our gross premiums written grew by 3.8% to $2.7 billion from $2.6 billion. The non-U.S. component of our top line increased from 42% last year to 46%, demonstrating our continued international diversification. Operating cash flow remains robust at $603.2 million compared to $564.1 million last year. Our combined ratio includes $97.5 million in losses from an unprecedented four major hurricanes making landfall within six weeks. Our combined ratio of 98.0% reflects the impact of these storms, Japanese typhoons, and other weather related losses in what was a record year of natural catastrophes. Despite these events, strong performance in the non-affected 2 OdysseyRe achieved solid results in 2004. Both our stockholders’ equity and premiums grew, notwithstanding a more challenging environment and a string of severe windstorms in the U.S. and Japan. Our third successive year of underwriting profitability, and an above average return on our investments, combined to produce net income of $186.9 million, compared to $249.2 million in 2003.  TO OUR STOCKHOLDERS