XL Capital Notes that Underwriters Exercise Option to Purchase Additional Ordinary Shares

December 8, 2005

Bermuda-based XL Capital Ltd. reported that the underwriters exercised their option to purchase an additional 5,076,900 ordinary shares in connection with XL’s previously announced plans to sell 33,846,000 of ordinary shares and $745,000,000 of equity security units.

Following closing of both offerings on Friday, total gross proceeds to XL are expected to be approximately $3.2 billion.

The joint book-running managers for the offerings are Goldman, Sachs & Co. and Citigroup Corporate and Investment Banking.

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