Bermuda National Limited - Option Exercise

Hamilton, Bermuda – 07 December, 2012 – Bermuda National Limited (the "Company" or "BNL"; Ticker: BNL.BH) announces that Permanent Investments Limited (“PIL”) and ICM Limited (“ICM”) have today exercised options over 62,656 and 186,718 common shares, respectively, in BNL at a price of US$5.6972 per share.

Following this exercise, PIL is interested in 3,046,657 common shares in BNL, representing approximately 40.6% of BNL’s issued share capital and ICM is interested in 450,726 common shares in BNL, representing approximately 6.0% of BNL’s issued share capital.

Media Contacts:

Alasdair Younie                                  

Director                                             

Bermuda National Limited

Tel:  441-299-2897     

Email:  ay@icm.bm   

Bermuda National Limited is a listed Bermuda exempt financial services investment holding company whose major asset is its 100% owned subsidiary, Bermuda Commercial Bank Limited, one of Bermuda’s four licensed banks, which is focused on corporate and private wealth. The Group’s other main investments include a 19.9% equity stake and a £4.3 million convertible loan note in the London Stock Exchange listed Private & Commercial Finance Group PLC, a UK asset financing company, and a 46% stake in the London Stock Exchange listed Westhouse Holdings PLC, a corporate and institutional stockbroking group. In addition, BNL has agreed to acquire a £2.0 million convertible loan note in Ascot Lloyd Holdings Limited, a UK independent financial adviser.

BNL’s shares are publicly traded and listed on the Bermuda Stock Exchange (Website: www.bsx.com, Ticker: BNL.BH) and more details on the Company can be found at www.bermudanational.bm. BNL’s share price is available on the BSX and on Bloomberg, and is published daily in the Royal Gazette.