XL Capital to Issue Preference Ordinary Shares

August 9, 2002

Bermuda-based XL Capital Ltd. plans to issue and sell Series A preference ordinary shares pursuant to XL’s currently effective shelf registration statement. The preference shares offered will not be exchangeable for or convertible into ordinary shares of XL.

Bermuda-based XL Capital Ltd. plans to issue and sell Series A preference ordinary shares pursuant to XL’s currently effective shelf registration statement. The preference shares offered will not be exchangeable for or convertible into ordinary shares of XL.

The underwriters for XL’s preference share offering are Merrill Lynch, Pierce, Fenner & Smith Incorporated and Salomon Smith Barney Inc., as joint book- runners.

The net proceeds from the sale of the preference shares will be used for general corporate purposes including, without limitation, payment for any Liquid Yield Option™ Notes put to XL on Sept. 7, 2002 by the holders thereof.

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