X0202 4 2008-05-21 0 0001165880 MONTPELIER RE HOLDINGS LTD MRH 0001265345 DAVIS MORGAN W C/O MONTPELIER RE HOLDINGS LTD. MONTPELIER HOUSE, 94 PITTS BAY ROAD PEMBROKE D0 HM 08 BERMUDA 1 0 0 0 Restricted Share Units 2008-05-21 4 A 0 5000 16.67 A 5000 D Common Shares 8000 I In Trust Common Shares 12000 I IRA Common Shares 10000 D Director Share Units Common Shares 2988 2988 D The RSUs granted to Mr. Davis by the Board under our Long-Term Incentive Plan constitute phantom restricted shares which will vest ratably in four equal annual tranches based on continuous service as a director and are payable in the Company's common shares at the end of the RSU term. Director Share Units are phantom shares that are convertible into common shares on a one-to-one basis or an equivalent amount of cash, at the option of the Reporting Person. Director Share Units are payable upon separation from service. /s/ Jonathan B. Kim, attorney in fact 2008-05-21