Bermuda National Limited - Issue of Bonus Warrants

Hamilton, Bermuda – 08 February, 2013 – Bermuda National Limited (the "Company" or "BNL"; Ticker: BNL.BH) a Bermuda exempted financial services investment holding company, today announces that it proposes to make a Bonus Warrant Issue to Qualifying Shareholders on the basis of one Bonus Warrant for every three Shares held. A Circular will be posted to Shareholders today setting out further details in respect of the Bonus Warrant Issue.

Bonus Warrant Issue Highlights:

• Bonus Warrants to be issued on the basis of one Bonus Warrant for every three Shares held by Qualifying Shareholders;
• 2,902,349 Bonus Warrants to be issued which if fully exercised would represent approximately 25% of the Company’s enlarged issued share capital;
• Bonus Warrants to be listed on the Bermuda Stock Exchange (“the BSX”);
• Each Bonus Warrant will entitle the Qualifying Shareholder to subscribe for one Bonus Warrant Share at a subscription price of US$12.00 per share (equal to the average trading price of the Company’s Shares as listed on the BSX at the close of trading over the last 30 business days);
• Bonus Warrants will be exercisable at any time from the issue date, February 11, 2013, to September 30, 2013; and
• Bonus Warrant Issue provides Qualifying Shareholders the opportunity to participate in the growth of the Company and provide the Company with a flexible funding structure in order to make corporate investments and acquisitions in the future.

Commenting on the proposed Bonus Warrant Issue, Warren McLeland, Chairman of BNL said: “The Bonus Warrant Issue offers an opportunity to those shareholders who would like to further participate in the growth of the Company. It provides BNL with a flexible funding structure and one which will enable the Company to move forward with its stated strategy to make corporate investments and acquisitions in the financial services sector.”

Unless otherwise defined, capitalised terms in this announcement shall have the same meaning as in the Circular.

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 Westhouse Holdings PLC, a corporate and institutional stockbroking group. In addition, BNL has acquired 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: 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.