Ascendant Group Limited To Seek Relief From 60/40 Rule

Hamilton, Bermuda – 01 October, 2012 – In a filing to the Bermuda Stock Exchange (“BSX”), Ascendant Group Limited (the “Company”; Ticker: AGL.BH) gave notice of the Company’s intent, effective 22 October, 2012, to seek relief from the 60/40 rule.

In a letter to the Government of Bermuda’s Minister of Business Development and Tourism, the Company stated:

"In accordance with subsection 113(8) of the Companies Act 1981, Ascendant Group Limited, whose registered office is located at 27 Serpentine Road, Hamilton HM 07, Bermuda, hereby gives notice of its intention with effect from October 22, 2012, to rely on the provisions of section 113(1)(cd)(i) of the Companies Act 1981 and to carry on business in reliance upon the provisions of section 114(1)(e) of the said Act. As such, Ascendant Group Limited hereby notifies the Minister that its shares are listed on the Bermuda Stock Exchange and that it is engaged as a business in a material way in the energy industry."

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 this release and the Ascendant Group Limited, visit www.ascendantgroup.bm

Contact:

Chris Coelho

Senior Vice President - Chief Financial Officer

27 Serpentine Road

Pembroke HM 07, Bermuda

Tel:  (441) 299-2812

Cell: (441) 325-1518

Fax: (441) 299-2849