ASCENDANT GROUP LIMITED APPOINTS PRESIDENT & CEO

Hamilton, Bermuda - 21 May, 2012 – Ascendant Group Limited (Ticker: AGL.BH) announced the appointment of Walter M. Higgins III as President and Chief Executive Officer. Mr. Higgins, who is American, succeeds Bermudian A.L. Vincent Ingham, who retired from the position on 31 December 2011.

Mr. Higgins has been a Director, Chairman, President and Chief Executive Officer of two large U.S. energy companies including: Sierra Pacific Resources (now NVEnergy) which serves most of Nevada and parts of California; AGL Resources, the parent company of Atlanta Gas Light; as well as President and Chief Operating Officer of Louisville Gas & Electric, in Kentucky. Mr. Higgins has held a number of senior positions within the industry, including at Portland General Electric, in Oregon where Mr. Higgins was Senior Vice President, Generation and Transmission, and Vice President, Distribution. In the mid-1970’s Mr. Higgins served as a technical assistant at the U.S. Nuclear Regulatory Commission. Mr. Higgins is a Nuclear Engineer, having trained at the U.S. Naval Academy. He also attended Stanford University, Executive Programme at the Graduate School of Business, the Public Utility Executive Course at the University of Idaho and some business studies at George Washington University, Graduate School of Business.

In making the announcement, Ascendant Group Chairman, J. Michael Collier said, “We are very pleased to be welcoming an energy professional of Mr. Higgins calibre to our organisation. His 37-year career has primarily revolved around the utility industry, initially working in utility services, regulation and later in top management positions. Among his successes, Mr. Higgins has led companies through deregulation, mergers, acquisitions, repositioning and succession planning.

“At the end of 2010, the Ascendant Group Board of Directors initiated a long-range leadership and succession planning strategy. The Board of Directors also adopted a number of strategic initiatives developed under the leadership of now Senator A.L.Vincent Ingham. Mr. Higgins will be working with the executive and senior management teams to deliver the Group’s strategic initiatives, the focus of which is primarily to grow and diversify business units, manage policy and regulatory risks and ensure adequate financial and human resource organisational capacity, with emphasis on succession planning,” Mr. Collier said.

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.

For further information about Ascendant Group Limited, visit www.ascendantgroup.bm

Contact: Linda Smith, Senior Vice President,

Corporate Relations, Ascendant Group

441-299-2814, lsmith@ascend.bm