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Madrid, Spain, 15 June 2004 - XL Capital Group Assurance (U.K.) Limited (XLCA-UK) announced today that it intends to issue a triple-A rated financial guarantee of up to 175 million (Euro) of scheduled principal and interest payments on a European Investment Bank (EIB) loan to finance the Pamplona-Logroño shadow toll road in northern Spain. The transaction is XLCA-UK's first in Spain.FCC, one of Spain's leading construction companies, leads the consortium that will build, operate, and maintain the project, a 70.3km shadow toll road that will link the cities of Pamplona and Logroño.Alberto Ramos, XLCA-UK Managing Director and head of the Global Infrastructure group, said, "XLCA-UK is pleased to have been chosen by FCC for this project, which will serve as a key transport corridor between the capitals of the economically important regions of Navarra and La Rioja. We look forward to building a long-term relationship with FCC and the EIB."XLCA-UK, licensed by the Financial Services Authority, is a wholly owned subsidiary of XL Capital Group Assurance Inc. (XLCA). XLCA, rated triple-A by Moody's Investors Service, Standard & Poor's Ratings Services, and Fitch Ratings, specializes in global infrastructure, consumer and commercial asset securitization; structured investment products; U.S. public finance; and structured risk, which comprises power & utilities, future flow securitization, deposit insurance, and whole business securitization. XLCA is an indirect, wholly owned subsidiary of XL Capital Ltd (NYSE: XL), which, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis.THIS PRESS RELEASE IS NOT AN OFFER FOR SALE IN THE UNITED STATES. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933.