XL to Redeem All “LYONs” Notes Due 2021

August 24, 2004

XL Capital Ltd. announced that it has called for redemption all of its outstanding Liquid Yield Option(TM) Notes due 2021 (“LYONs”).

XL Capital Ltd. announced that it has called for redemption all of its outstanding Liquid Yield Option(TM) Notes due 2021 (“LYONs”).

“The redemption date for the LYONs will be September 7, 2004,” said the bulletin. “The redemption price will be $622.5046 per LYON. In the event all of the outstanding LYONs are surrendered for redemption, the aggregate redemption price would be $316,756,486.

“In order to receive the LYONs redemption price, holders must deliver their LYONs to U.S. Bank National Association, as paying agent under the indenture governing the LYONs.”

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