Ascendant Group Limited - Directorate Appointment

Hamilton, Bermuda – 01 March, 2013  – In a filing to the Bermuda Stock Exchange (“BSX”), Ascendant Group Limited (the “Company”; Ticker: AGL.BH) is pleased to announce that Michael L. Schrum has been appointed to the Board of Directors.

Reginald S. Minor, Chairman, said, “Mr. Schrum brings fresh perspective and vast experience to the Board. We are delighted that he is joining us and confident that his expertise will help Ascendant Group to grow, diversify and add value for the benefit of shareholders, employees, customers and the community.”

Mr. Schrum is the Chief Financial Officer at HSBC Bank Bermuda Limited, with responsibility for the corporate finance, insurance, tax, accounting and reporting functions. He serves as a director on a number of subsidiary boards for the bank's overseas operations, as well as a number of mutual funds managed by the bank. He was previously Head of Finance and Head of Business Management at the bank. Mr. Schrum has previously worked in London and New York, and has over 20 years of financial services experience, predominantly in banking, insurance and tax. He has been with the bank since 2001. Mr. Schrum holds a Masters of Science (M.Sc.) in Economics from University of London and is a Fellow Chartered Accountant (Institute of Chartered Accountants in England and Wales), as well as a Chartered Financial Analyst (CFA Institute).

Ascendant Group Limited is a publicly traded investment holding company whose shares trade on the Bermuda Stock Exchange (ticker AGL.BH). Ascendant Group Limited is the parent of operating companies Bermuda Electric Light Company Limited (BELCO), Air Care Limited, Bermuda Gas & Utility Company Limited, PureNERGY Renewables Ltd., iFM Limited, iEPC Limited. Visit www.ascendantgroup.bm

Contact:

Susan McGrath-Smith

E-mail: smsmith@ascendant.bm

Tel: (441) 298-6126