Hamilton, Bermuda (20 December, 2011) – The Board of Directors of Ascendant Group Limited announced today that Senator A.L. Vincent Ingham, President and Chief Executive Officer, will now retire on 31 December, 2011 after more than 25 years with the Group including serving as President and Chief Executive Officer of Ascendant Group Limited and its principal subsidiary BELCO for the last four years.

Chairman of Ascendant Group Limited, Mr. J. Michael Collier stated, “Vince is largely responsible for the strategic initiatives on which the Group is currently focused. These initiatives were adopted by the Board of Directors on 2 December, 2011 and they are to grow existing energy-related businesses and investment in utility and infrastructure companies in Bermuda, as well as expand the earning base of the Ascendant Group of Companies.”

Mr. Collier on behalf of the Board thanked Senator Ingham for his long service to the Ascendant Group of Companies and wished him well in his future endeavours.

Mr. Collier noted that the Board has engaged the internationally recognised search firm of Heidrick and Struggles, and a leading Global Management Consulting firm Oliver Wyman to establish an orderly succession process and leadership development plans for the Group Executive and Management Teams. The Ascendant Board of Directors will be considering both internal and external candidates for the President and Chief Executive Officer position.