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XLCA Guarantees $400 Million Financing For Bombardier

New York, September 2, 2003 - XL Capital Group Assurance Inc. (XLCA) announced today that it has issued a triple-A rated financial guarantee in connection with a $400 million securitization of dealer floorplan (inventory) lines of credit for Bombardier Capital Inc. (BCI).
XLCA provided a financial guarantee to cover timely interest and ultimate principal for the benefit of the holders of the Class A two-year term certificates of Bombardier Receivables Master Trust I, Series 2003-1. The transaction was sold publicly by Banc One Capital Markets.
Bombardier Capital has been providing inventory financing for manufacturers and dealers across North America for 30 years. Focused on a variety of markets, including recreational products, power sports equipment and manufactured housing, Bombardier Capital helps their customers bring products to market.
"This has been the first U.S. capital market financing transaction for Bombardier in over a year. We are delighted by its execution led by Banc One Capital Markets and the credit enhancement provided by XL Capital Group Assurance," said Fran├žois Lemarchand, Vice President and Treasurer of Bombardier.
"Banc One was instrumental in the success of this transaction. We look forward to a long-term relationship with Bombardier and Banc One," said Richard G. Pfaltzgraff, XLCA Managing Director and head of the Commercial ABS Group.
Bombardier Capital is the financial services arm of Bombardier Inc., a diversified manufacturing and services company. In addition to inventory financing, Bombardier Capital also offers interim financing of commercial aircraft and ski industry equipment financing.
XLCA, rated triple-A by Moody's Investors Service, Standard & Poor's Ratings Services and Fitch Ratings, is a New York-domiciled financial guarantee insurer that specializes in commercial and consumer asset securitization, structured investment products, power & utilities, global infrastructure project finance, future flow securitization, U.S. public finance, bank deposit insurance, and whole business securitizations. For more information, visit 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.

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