X0201 4 2004-03-25 0 0000875159 XL CAPITAL LTD XL 0001184411 BART PAUL JEAN 28 BOULEVARD DU PONT D/ARVE 1205 GENEVA 1 0 0 0 Purchase Contract to acquire Class A Common Shares 25 2004-03-23 4 P 0 10000.00 A 2004-03-23 2007-05-17 Class A Common Shares 10000.00 10000.00 D Each purchase contract is part of an Equity Security Unit acquired for $25 per Unit. Each Unit consists of (i) a contract to purchase Class A common shares and (ii) a 2.5% ownership interest in a senior note of the issuer with a principal amount of $1,000. Each contract to purchase obligates the holder to purchase (and the issuer to sell), on May 15, 2007, for $25, between 0.266 and 0.3325 Class A common shares, depending on the market value of the shares ("settlement rate"). Subject to certain conditions, a holder may settle a purchase contract for cash at any time before the thirtieth business day prior to May 15, 2007 in exchange for 0.266 Class A common shares per purchase contract. Issuer may, under certain circumstances, fix the settlement rate prior to May 15, 2007. Sarah Fox, attorney-in-fact for Paul Jeanbart 2004-03-25