XL to Redeem All Outstanding Zero-Coupon Convertible Debentures Due 2021

November 15, 2004

Following the issuance of $650 million in senior notes (See IJ Web site Nov. 9), Bermuda’s XL Capital Ltd. announced that it has called for redemption of all of its outstanding Zero-Coupon Convertible Debentures due 2021 (“CARZ”).

XL said: “The redemption date for the CARZ will be November 29, 2004. The redemption price will be $650.5836 per $1,000 principal amount at maturity of CARZ. In the event all of the outstanding CARZ are surrendered for redemption, the aggregate redemption price would be $657,631,372.39.

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

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