Ascendant Group Limited gives notice of an unsolicited expression of interest

Hamilton, Bermuda – May 4, 2018 – In a filing with the Bermuda Stock Exchange (“BSX”), Ascendant Group Limited (the "Ascendant Group" or “Company”; Ticker: AGL.BH) today gave notice of an unsolicited, highly conditional, expression of interest.   The full filing stated:

Ascendant Group Limited (“Ascendant”) has received an unsolicited, highly conditional, expression of interest from Twenty First Century Utilities LLC (the “Letter”).

Ascendant’s Board of Directors considered the Letter and, having taken appropriate legal and financial advice, unanimously determined not to pursue the Letter further, and that it is in the best interests of Bermuda and Ascendant’s customers, shareholders and employees, to continue to execute on its existing Strategy, which includes:

·         Implementation of BELCO’s Capital Plan initiatives including construction of the North Power Station and Battery Energy Storage System; completion of the transmission and distribution upgrades and implementation of the advanced metering infrastructure;

·         Reducing overall costs to our customers through identified improvements in productivity and efficiency;

·         Securing cost effective debt financing to fund the implementation of the Capital Plan;

·         Continuing to participate as a key stakeholder in the establishment of the required regulatory framework for the electricity sector, which includes the rate methodology and the Integrated Resource Plan; and

·         Growing Ascendant’s unregulated businesses.

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About Ascendant Group Limited

Ascendant Group Limited is a Bermuda-based, publicly traded holding company that through its subsidiaries provides energy and infrastructure solutions. Ascendant Group Limited (AGL.BH) is listed on the Bermuda Stock Exchange (BSX) and is the parent company of Bermuda Electric Light Company Limited (BELCO), and AG Holdings Limited, which includes AIRCARE LTD., IFM Limited, iEPC Limited and Ascendant Properties Limited. For further information about Ascendant Group Limited, visit www.ascendant.bm.