Ascendant Group Ltd Announces Retirement of President/CEO Mr. A.L. Vincent Ingham

Hamilton, Bermuda – 10 October, 2011 – In a filing with the Bermuda Stock Exchange (“BSX”), the Ascendant Group Limited (the “Company”; Ticker: AGL.BH) announced the retirement, effective 31 March, 2012, of the Company President and Chief Executive Officer, Mr. A.L. Vincent Ingham. The announcement read:

“The Board of Directors of Ascendant Group Limited announced today that Mr. A.L. Vincent Ingham, President and Chief Executive Officer, will retire on 31 March, 2012 after more than 25 years with the Group including serving as President and Chief Executive Officer of Ascendant Group Limited and its principal subsidiary BELCO for the last four years.

Chairman of Ascendant Group Limited, Mr. J. Michael Collier stated, “Vince is largely responsible for the strategic initiatives that the Group is currently focused on to grow existing energy-related businesses and investment in utility and infrastructure companies in Bermuda, as well as expand the earning base of the Ascendant Group of Companies.”

Mr. Ingham commented, “I am proud of the direction in which the Ascendant Group is headed. I certainly look forward to the next chapter in my professional life supporting the implementation of key strategies for the Group, and the continuing development of young Bermudians within the organisation.”

Mr. Collier noted that the Board will conduct a search for a new Chief Executive Officer and has been working with external consultants for a number of months on an orderly succession process and leadership development plans for the Group’s executive and management teams in anticipation of Mr. Ingham’s retirement. The Board will be considering both internal and external candidates for the position. During the period of leadership transition, Mr. Ingham will continue to serve in his role of President and Chief Executive Officer, as well as Director and member of the Board’s Executive Committee, focusing on the Group’s succession plans, strategy and business development.”

Ascendant Group Limited is a publicly traded investment holding company whose shares trade on the Bermuda Stock Exchange (ticker AGL.BH). The mission of Ascendant Group is to maximise shareholder value through growth in existing energy-related businesses and investment in utility and infrastructure companies. Ascendant Group Limited is the parent Company of operating companies Bermuda Electric Light Company Limited (BELCO), Bermuda Gas & Utility Company Limited, PureNERGY

Renewables Ltd., Sigma Corporate Services Company Limited and inVenture Limited, as well as BELCO Properties Limited and BTS Limited.

Source: Ascendant Group Limited

Additional information concerning Ascendant Group Limited can be found at www.ascendantgroup.bm and on BELCO’s newly redesigned web site, www.belco.bm.

Contact: 

Linda Smith, SVP          Tel: (441) 299-2814                          lsmith@ascend.bm