X0202 4 2006-09-29 0 0001179755 ENDURANCE SPECIALTY HOLDINGS LTD ENH 0001198607 DELCOL JOHN V C/O ENDURANCE SPECIALTY HOLDINGS LTD. WELLESLEY HOUSE, 90 PITTS BAY ROAD PEMBROKE D0 HM 08 BERMUDA 0 1 0 0 General Counsel and Secretary Restricted Share Unit 0.00 2006-09-29 4 A 0 71 A 2009-09-01 Ordinary Shares 71 10122 D Restricted Share Unit 0.00 2006-09-29 4 A 0 29 A 2009-03-01 Ordinary Shares 29 4099 D Restricted Share Unit 0.00 2006-09-29 4 A 0 60 A 2010-09-01 Ordinary Shares 60 8550 D Restricted Share Unit 0.00 2006-09-29 4 A 0 58 A 2011-03-01 Ordinary Shares 58 8182 D Restricted Share Unit 0.00 2006-09-29 4 A 0 106 A 2008-03-01 Ordinary Shares 106 106 D Restricted Share Unit 0.00 2006-09-29 4 A 0 21 A 2008-03-01 Ordinary Shares 21 2966 D Restricted Share Unit 0.00 2006-09-29 4 A 0 70 A 2009-03-01 Ordinary Shares 70 9878 D The dividend restricted share units granted vest and convert upon the expiration of the underlying restricted share units, as established in the agreement governing the underlying restricted share units and are forfeitable upon the violation of certain terms included in such agreement. The number of dividend restricted share units issued was determined pursuant to the terms of the agreement governing the securities based on (i) the closing sale price for the Company's ordinary shares on September 29, 2006 of $35.26 and (ii) the issuance by the Company of a $0.25 per share dividend on that date. The restricted share units are forfeitable only upon violation of a non-competition restriction and are converted into ordinary shares or their cash equivalent on March 1, 2008. The number of restricted share units issued was determined pursuant to the terms of the agreement governing the securities based on (i) the cumulative dividends that would otherwise have been used to reduce the strike price on options previously granted to the holder in order to make such options compliant with Section 409A of the Internal Revenue Code and the regulations promulgated by the U.S. Internal Revenue Service under Section 409A and (ii) the closing sale price of the Company?s ordinary shares on the dates the dividends were originally paid. /s/ John V. Del Col 2006-10-03