Odyssey Re Reports Preliminary Estimate of Exposure From Terrorist Attacks

September 17, 2001

Based on information received to date, Odyssey Re Holdings Corp. expects pre-tax net losses will be in the range of $80 million; after tax losses will be in the range of $55 million.

Considerable time will be required before more accurate estimates are available.

While this event is significant, it will not have a material impact on ORH’s financial strength or position. OdysseyRe extends its deepest sympathies to all those affected by this tragic disaster.

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