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## ODYSSEY RE HOLDINGS CORP. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued 

The following table sets forth the components of gross and net r ealized investment gains and losses for the years ended December 31, 2004, 2003 and 2002 (in thousands): 

<img src='content_image/27957.jpg'>

Included in gross losses for the years ended December 31, 2003 and 2002 are $58.8 million and $13.0 million, respectively, related to realized losses on the other than temporary write-down of certain fixed income and equity securities. The Company did not recognize any other than temporary write-down of investments for the year ended December 31, 2004. 

The following table sets forth the changes in unrealized net appr eciation (depreciation) of investments, and the related tax effect, reflected in accumulated other comprehensive income for the years ended December 31, 2004, 2003 and 2002 (in thousands): 

<img src='content_image/27961.jpg'>

