X0306 4 2013-03-15 0 0001165880 MONTPELIER RE HOLDINGS LTD MRH 0001520163 Carbonar George Anthony MONTPELIER HOUSE 94 PITTS BAY ROAD PEMBROKE D0 HM08 BERMUDA 0 1 0 0 Group Controller Common Shares 2013-03-15 2013-03-15 4 M 0 2044 25.628 A 22709 D Restricted Share Units 2013-03-15 2013-03-15 4 A 0 11250 25.628 A 12406 D Restricted Share Units 2013-03-15 2013-03-15 4 F 0 769 25.628 D 11637 D Restricted Share Units 2013-03-15 2013-03-15 4 M 0 2044 25.628 D 9593 D Represents an award of variable Restricted Stock Units made on March 15, 2013 for the period from January 1, 2012 to December 31, 2015. Variable RSUs are contingent awards in which the actual number of RSUs to be awarded is dependent on Company performance during the initial year of the four year award cycle. The variable RSUs are 25% vested upon final determination with the remainder vesting ratably on December 15, 2013, 2014 and 2015, subject to continuous employment with the company. /s/ Jonathan B. Kim, attorney in fact 2013-03-18