Ascendant Group Limited Announces Management Changes

Hamilton, Bermuda – 21 September, 2012 – Ascendant Group Limited (Ticker: AGL.BH) is pleased to announce management changes, effective immediately, that pertain to Ascendant Group, Bermuda Electric Light Company Limited (BELCO), Bermuda Gas & Utility Company Limited and a newly formed company, AG Holdings Limited.

Walter Higgins, Ascendant Group President and Chief Executive Officer (CEO), who now also becomes BELCO President, announced the changes, saying, “Today, our company and Bermuda face unprecedented challenges. Ascendant Group is changing to ensure that we have the right structure in place for continued improvement, which will enhance our development, as well as our ability to contribute to the Island’s progress.”

At the Ascendant Group level, Andrew Parsons, who has been BELCO President since 2010, moves from the operating company to the holding company. He has been named Executive Vice President of Ascendant Group and Strategic Advisor to the CEO.

The changes to Ascendant Group senior management are: Christopher Coelho is Senior Vice President and Chief Financial Officer (CFO) for both Ascendant Group and BELCO.

Michael Daniel is Senior Vice President, Ascendant Group, and President and Chief Operating Officer (COO) of AG Holdings Limited, the company now responsible for all non-utility businesses within the Ascendant Group.

Denton Williams is appointed Senior Vice President, Ascendant Group, and Senior Vice President and COO of BELCO. He joins the Ascendant Group Executive Management Team.

Judith Uddin, General Manager of Bermuda Gas, is also named that company’s COO.

Robert Steynor, Senior Vice President, is changing responsibilities to manage Fuel, Logistics, Environment and Safety at BELCO.

The changes to Ascendant Group management are: Abayomi Carmichael, appointed Vice President, Risk Management, Analysis, and Group Treasurer for Ascendant Group and BELCO.

David Faries, named Vice President and Group Controller for Ascendant Group, and continues as Vice President and Controller for BELCO.

Carol Ross-DeSilva, named Vice President, Internal Audit and Process Improvement.

Michael Maughan, appointed Vice President, Engineering and Technical Support, supporting all AG Holdings Limited engineering and technical activities.

The changes to BELCO management are: Ian Maule, appointed Vice President, Energy Supply.

Dennis Pimentel, Vice President, Energy Delivery – takes on responsibility for the C.Eugene Cox Operations Centre and Customer Solutions.

Roger Todd, appointed Vice President, Engineering.

Michelle (Shelly) Leman, named Manager, Major Accounts, with responsibility for building and maintaining relationships with large customers of all Ascendant Group companies, including BELCO, Bermuda Gas and all non-utility companies.

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), AG Holdings Limited, Bermuda Gas & Utility Company Limited, PureNERGY Renewables Ltd., and inVenture Limited, as well as BELCO Properties Limited and BTS Limited.

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

Contact:

Susan McGrath-Smith

Corporate Communications Officer for BELCO and other Ascendant Group Limited companies

Email: smsmith@sigma.bm

Direct: 441-298-6126

FAX:  441-295-9427

Cell: 441-325-1352