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## ODYSSEY RE HOLDINGS CORP. 

## NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued 

The following table reconciles federal and foreign income taxes at the statutory federal income tax rate to the Company’s tax provision (benefit) (in thousands): 

<img src='content_image/19222.jpg'>

The Company paid federal and foreign income taxes of $116.6 million and $142.2 million for the years ended December 31, 2004 and 2003, respectively. The Company recovered $4.3 million for the year ended December 31, 2002. The Company has a current tax recoverable of $4.5 million as of December 31, 2004 and a curr ent tax payable of $0.7 million as of December 31, 2003. 

## 12. COMMITMENTS AND CONTINGENCIES 

The Company and its subsidiaries lease office space and furnitur e and equipment under long-term leases expiring through the year 2022. Minimum annual rentals follow (in thousands): 

<img src='content_image/19221.jpg'>

The amounts above are reduced by an aggregate minimum rental r ecovery of $3.2 million resulting from the sublease of space to other companies. 

