Montpelier Re Declares $9.89 Special Dividend

June 21, 2015

Bermuda-based Montpelier Re Holdings Ltd. announced that its Board of Directors has declared, subject to certain conditions, the previously announced special dividend of $9.89 per common share in connection with its pending acquisition by Endurance Specialty Holdings Ltd.

The special dividend would be payable prior to the effective time of the Merger on the closing date of the Merger [the Closing Dat] to Montpelier shareholders of record at the close of business on the last business day prior to the Closing Date.

The special dividend is contingent upon the satisfaction of various Merger closing conditions, including the approval of the Merger by the requisite vote of Montpelier common shareholders and the approval of the Endurance share issuance associated with the Merger by the requisite vote of Endurance ordinary shareholders.

Montpelier and Endurance have each scheduled special general meetings of their respective shareholders for June 30, 2015 to consider and vote upon matters related to the Merger. There can be no assurance that the Closing Date will occur or that the special dividend will be paid.

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