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## FINANCIAL HIGHLIGHTS 

## Odyssey Re Holdings Corp. 

(dollars in millions, except per share and combined ratio data) 

<img src='content_image/109629.jpg'>

## Gross Premiums Written by Division 

(dollars in millions) 

<img src='content_image/109630.jpg'>

(1) Diluted earnings per share in the years 2003 and 2002 has been restated to include the effect of implementing EITF 4-08 on a retroactive basis. See Note 8 to the consolidated financial statements. 

(2) A portion of the gross premiums written by the U.S. Insurance division has been ceded to, and is also included in, the Americas division’s gross premiums written. Accordingly, the gross premiums written as shown in the table above does not agree to the gross premiums written of $2,656.5 million, $2,558.2 million and $1,894.5 million for the years ended December 31, 2004, 2003 and 2002, respectively, reflected in the consolidated statements of operations. 

