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## ODYSSEY RE HOLDINGS CORP. 

## NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued 

The composition of the fixed income securities, common stocks carried at fair value and short-term investments as of December 31, 2003, follows (in thousands): 

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The gross unrealized appreciation of $119.5 million and the gross unrealized depreciation of $55.7 million resulted principally from the change in value of U.S. and non-U.S. equities, the cr edit quality of fixed income securities and the then current interest rate environment. 

The fair value of fixed income securities and common stocks ar e based on the quoted market prices of the investments as of the close of business on December 31 of the respective years. 

