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## ODYSSEY RE HOLDINGS CORP. 

## NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued 

The amortized cost and fair value of fixed income securities as of December 31, 2004, by contractual maturity, are shown below in thousands. 

<img src='content_image/90596.jpg'>

Actual maturities may differ from the contractual maturities shown in the table above due to the existence of call features or put features. In the case of securities containing call features, the actual maturity will be the same as the contractual maturity if the issuer elects not to exercise its call feature. Total securities subject to call represent approximately 4% of the total fair value. In the case of securities containing put features, the actual maturity will be the same as the contractual maturity if the investor elects not to exercise its put feature. Total securities containing the put feature represent approximately 4% of the total fair value. 

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

<img src='content_image/90597.jpg'>

The proceeds from the sales of investments wer $1.8 billion, $4.9 billion and $2.5 billion for the years ended December 31, 2004, 2003 and 2002. 

