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## ODYSSEY RE HOLDINGS CORP. 

## NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued 

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Due to changes in the number of weighted average common shar es outstanding during 2004 and 2003, quarterly earnings per common share amounts do not add to the total for the year. 

Diluted net income per common share for the first three quarters of 2004 and each quarter in 2003 has been restated for the effect of EITF Issue 4-08, “The Effect of Contingently Convertible Debt on Diluted Earnings Per Share” (see note 2(k)). 

