X0202 4 2005-11-27 0001179755 ENDURANCE SPECIALTY HOLDINGS LTD ENH 0000925183 PERRY RICHARD C C/O PERRY CAPITAL 767 FIFTH AVENUE, 19TH FLOOR NEW YORK NY 10153 1 0 1 0 Ordinary Shares, par value $1.00 per share 2005-11-27 4 M 0 1354 0 A 4985791 I By Perry Partners International, Inc. Ordinary Shares, par value $1.00 per share 2005-11-27 4 M 0 420 0 A 1718153 I By Perry Partners, L.P. Ordinary Shares, par value $1.00 per share 280437 I By Perry Commitment Fund International, L.P. Ordinary Shares, par value $1.00 per share 148563 I By Perry Commitment Fund, L.P. Restricted Share Unit 0 2005-11-27 4 M 0 420 0 D 2005-11-27 Ordinary Shares 420 0 I By Perry Partners, L.P. Restricted Share Unit 0 2005-11-27 4 A 0 24 0 A 2005-11-27 Ordinary Shares 24 1354 I By Perry Partners International, Inc. Restricted Share Unit 0 2005-11-27 4 M 0 1354 0 D 2005-11-27 Ordinary Shares 1354 0 I By Perry Partners International, Inc. Ordinary shares acquired upon mandatory conversion of previously granted restricted share units. The investment manager of Perry Partners International, Inc. is Perry Corp., of which Mr. Perry is the President and sole shareholder. Perry Corp. and Mr. Perry may be deemed to have voting and dispositive power with respect to the shares held by Perry Partners International, Inc. Each of Mr. Perry and Perry Corp. disclaims beneficial ownership of such shares, except to the extent of his or its pecuniary interest therein, if any, and this report shall not be deemed an admission that either Mr. Perry or Perry Corp. is the beneficial owner of the shares for purposes of Section 16 of the Exchange Act or for any other purpose. The general partner of Perry Partners, L.P. is Perry Corp., of which Mr. Perry is the President and sole shareholder. Perry Corp. and Mr. Perry may be deemed to have voting and dispositive power with respect to the shares held by Perry Partners, L.P. Each of Mr. Perry and Perry Corp. disclaims beneficial ownership of such shares, except to the extent of his or its pecuniary interest therein, if any, and this report shall not be deemed an admission that either Mr. Perry or Perry Corp. is the beneficial owner of the shares for purposes of Section 16 of the Exchange Act or for any other purpose. The investments of Perry Commitment Fund International, L.P. are held by its principal operating subsidiary, Perry Commitment Master Fund, L.P. The general partner of Perry Commitment Fund International, L.P. is Perry Commitment International Associates L.L.C., of which Perry Corp. is Managing Member. Mr. Perry is the President and sole shareholder of Perry Corp. Perry Corp. and Mr. Perry may be deemed to have voting and dispositive power with respect to the shares held by Perry Commitment Fund International, L.P. Each of Mr. Perry and Perry Corp disclaims beneficial ownership of such shares, except to the extent of his or its pecuniary interest therein, if any, and this report shall not be deemed an admission that either Mr. Perry or Perry Corp is the beneficial owner of the shares for purposes of Section 16 of the Exchange Act or for any other purpose. The general partner of Perry Commitment Fund, L.P. is Perry Commitment Associates L.L.C., of which Perry Corp is Managing Member. Mr. Perry is the President and sole shareholder of Perry Corp. Perry Corp. and Mr. Perry may be deemed to have voting and dispositive power with respect to the shares held by Perry Commitment Fund, L.P. Each of Mr. Perry and Perry Corp disclaims beneficial ownership of such shares, except to the extent of his or its pecuniary interest therein, if any, and this report shall not be deemed an admission that either Mr. Perry or Perry Corp is the beneficial owner of the shares for purposes of Section 16 of the Exchange Act or for any other purpose. Mandatory conversion of previously granted restricted share units. The restricted share units were delivered in connection with the issuance of dividends by the Issuer since the grant of the original restricted share units, in accordance with the terms of the Issuer's Amended and Restated 2003 Non-Employee Director Equity Incentive Plan, and became fully vested on the date that the original restricted share units vested. Richard C. Perry, by Michael C. Neus, Attorney-in-Fact 2005-11-29