X0202 4 2007-06-29 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 Ordinary Shares, par value $1.00 per share 2007-09-28 4 A 0 31288 0.00 A 72694 D Restricted Share Unit 0.00 2007-06-29 4 A 0 64 A 2009-09-01 Ordinary Shares 64 10327 D Restricted Share Unit 0.00 2007-09-28 4 D 0 6590 0.00 D 2009-09-01 Ordinary Shares 6590 0 D Restricted Share Unit 0.00 2007-06-29 4 A 0 18 A 2009-03-01 Ordinary Shares 18 2877 D Restricted Share Unit 0.00 2007-09-28 4 D 0 2877 0.00 D 2009-03-01 Ordinary Shares 2877 0 D Restricted Share Unit 0.00 2007-06-29 4 A 0 54 A 2010-09-01 Ordinary Shares 54 8723 D Restricted Share Unit 0.00 2007-09-28 4 D 0 6359 0.00 D 2010-09-01 Ordinary Shares 6359 0 D Restricted Share Unit 0.00 2007-06-29 4 A 0 45 A 2011-03-01 Ordinary Shares 45 7334 D Restricted Share Unit 0.00 2007-09-28 4 D 0 7334 0.00 D 2011-03-01 Ordinary Shares 7334 0 D Restricted Share Unit 0.00 2007-06-29 4 A 0 94 A 2008-03-01 Ordinary Shares 94 408 D Restricted Share Unit 0.00 2007-09-28 4 A 0 90 A 2009-03-01 Ordinary Shares 90 90 D Restricted Share Unit 0.00 2007-06-29 4 A 0 10 A 2008-03-01 Ordinary Shares 10 1679 D Restricted Share Unit 0.00 2007-09-28 4 D 0 1679 0.00 D 2008-03-01 Ordinary Shares 1679 0 D Restricted Share Unit 0.00 2007-06-29 4 A 0 40 A 2009-03-01 Ordinary Shares 40 6449 D Restricted Share Unit 0.00 2007-09-28 4 D 0 6449 0.00 D 2009-03-01 Ordinary Shares 6449 0 D On September 28, 2007, pursuant to the terms of the Issuer's restricted share unit exchange program, the Issuer cancelled restricted share units previously granted to the Reporting Person. In exchange for the restricted share units, the Reporting Person received an equivalent number of restricted shares. The dividend restricted share units granted were cancelled on September 28, 2007 in accordance with the terms of the Restricted Share Agreement between the Issuer and the Reporting Person. In exchange, the Reporting Person received an equivalent number of restricted shares as reported in Table I above. 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 June 29, 2007 of $39.82 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. 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, 2009. /s/ John V. Del Col 2007-10-02