ASCENDANT GROUP LIMITEDAnnual General Meeting18 May 2018

FORWARD LOOKING INFORMATION

This document contains forward-looking statements that reflect management’s current beliefs with respect to AscendantGroup Limited’s (“Ascendant”) future growth, results of operations, performance, business prospects and opportunities. Allsuch information and statements are made pursuant to safe harbor provisions contained in applicable securities legislation.Statements that are not historical facts, including statements about management’s beliefs and expectations, are forward-looking statements. The words “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “projects”,“schedule”, “should”, “budget"," forecast”, “might”, “will”, “would”, “targets” and similar expressions are often intended toidentify forward-looking information, although not all forward-looking information contains these identifying words.

These statements are based on information currently available to Ascendant’s management and should not be read asguarantees of future events, performance or results, and will not necessarily be accurate indications of whether, or the timeat which, such events, performance or results will be achieved. The forward-looking information is based on reasonableassumptions and is subject to risks, uncertainties and other factors that could cause actual results to differ materially fromhistorical results or results anticipated by the forward-looking information. Factors that could cause results or events to differfrom current expectations are discussed in the “Primary Factors Affecting Ascendant’s Business” section of ourManagement’s Discussion and Analysis as at April 20, 2018 and may also include: capital market and liquidity risk; estimatedenergy consumption rates; maintenance of adequate insurance coverage; changes in customer energy usage patterns;developments in technology that could reduce demand for electricity; interest rate risk; credit risk; foreign exchange risk; risksassociated with pension plan performance and funding requirements; loss of service area; risk of failure of informationtechnology infrastructure and cybersecurity risks; and availability of labour and management resources.

Readers are cautioned not to place undue reliance on forward-looking information as actual results could differ materiallyfrom the plans, expectations, estimates or intentions and statements expressed in the forward-looking information. Allforward-looking information in this document is qualified in its entirety by the above cautionary statements and, except asrequired by law, Ascendant undertakes no obligation to revise or update any forward-looking information as a result of newinformation, future events or otherwise.

Unless otherwise specified, all financial information referenced is in US dollars.

Nothing in this document should be construed as an offer or sale of securities of Ascendant or any other person.

2

OUR BUSINESS

3

Powering Bermuda for more than 100 years

Electric Vehicles

Power Generation

Transmission, Distribution and Retail

Energy Services

YEAR IN REVIEW

(25%)(5%)15%35%55%75%95%115%135%155%

Jan 2016 Apr 2016 Jul 2016 Oct 2016 Jan 2017 Apr 2017 Jul 2017 Oct 2017 Jan 2018 Apr 2018

AGL S&P/TSX Capped Utility Index

RENEWED PERFORMANCE

• New Management Team and strategy in last two years• Strong execution is delivering results

5

CEOtransition

Licencesgranted

2 Year Total Shareholder Return

Replacement generation approved

Electricity Act 2016

Electricity regulation transfers to

Regulatory Authority

Energy Commission

directive setting rate

methodologyReplacement

generation proposal submitted

IRP submittedNew strategy

adoptedDividend

increased 50%

Source: FactSet, Bloomberg.

16% decrease in customer outage minutes

(2017 vs. 2016)

43%earnings growth

(2017 vs. 2016)

AG Holdings core

earnings up $2.7 Million(2017 vs. 2016)

North Power Station

approved(March 2018)

45%share price

growth(2017 vs. 2016)

RECENT MAJOR ACCOMPLISHMENTS

6

ASCENDANT 2017 GROUP RESULTS

7

$1.32

Unregulated businesses

$0.28

Reduction in corporate expenses

$0.20

Other$0.10

$1.90

2016 2017

Core Earnings Per Share

Capital spending

Increase in cashDividend / Share repurchaseDebt repayment

2016 FFO 2017 FFO

Cash Flow Per Share

$4.28

$3.14

UP36%

UP43%

ASCENDANT 2017 SUBSIDIARY RESULTS

8

$24.3

Fuel and purchased

powerInventory

Obsolescence

Fuel adjustment

revenueTariff

stabilisationfund

Other

$23.3

2016 2017

BELCO Core Earnings ($ millions)

$0.5

AIRCARE

IFM

Other

$3.3

2016 2017

AGH Core Earnings ($ millions)

UP$2.8M

STABLE

BELCO OPERATIONAL HIGHLIGHTS

9

297250

2016 2017

Customer outages in minutes1

90% 85%

2016 2017

Plant Availability

Sales (kWh)

2.662.19

3.29

2016 2017 CARILECbenchmark

Injury frequency rate2

1 System average interruption duration index2 Lost time injury frequency rate

400

450

500

550

600

650

700

1990 1993 1996 1999 2002 2005 2008 2011 2014 2017

(in millions)

LOOKING FORWARD

Strategic Priorities

OUR STRATEGY

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Strategic PillarsEngaged passionate people Operational excellence

Superior customer experience

• Vision: By 2021, Ascendant is the most respected, sustainable and progressive energy and services organisation in the Atlantic

• Mission: Everyday we provide the people of Bermuda with energy and services to enhance their lives

Reduced Customer

Rates

Increased Shareholder

Value

Outcomes

Execute $250M capital plan

Achieve competitive valuation

Achieve productive regulatory compact

Grow non-regulated business

Improve cost and efficiency

ACTION PLAN

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Execute $250M capital plan

Achieve competitivevaluation

Achieve productive regulatory compact

Strategic Priorities

Grow non-regulated business

2018 2019 2020 2021 2022

Improve cost and efficiency

• Capital plan approved• Appropriate tariff

methodology in place

• Replacement Generation• Battery storage

• Achieve operational efficiencies to bring rates in line with peers

• $10 Million EBITDA

• Revisit dividend policy• List on North American

exchange

• Close export financing• Establish investment grade

credit rating• Access private placement

markets

• T&D upgrades• Advanced meters

REGULATORY COMPACT

Significant progress in establishing regulatory compact• Regulatory Authority issued Licences to BELCO in October 2017

• Tariff and Integrated Resource Plan consultations underway. Anticipate resolution by year-end.

13

TD&R

IPPs

Distributed generationEnd-user

Vertically integrated utility

PPA PPA+ net benefit test

Feed-in tariffs

Proposed regulatory structure

Generation

CAPITAL PLAN

• Significant investment profile over next five years

• Financing plan delivers more appropriate capital structure

• Drives cash flow and earnings growth

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$-

$100

$200

$300

$400

$500

$600

2017 2018 2019 2020 2021 2022

$ M

illio

ns

Capital Profile

Other fixed assets Grid rate base

Generation rate base Debt

Rate Base

GENERATION INVESTMENT

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New power station location

North Power Station & Battery Storage

GENERATION INVESTMENT

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Engineering and civil works

Equipment delivery Construction Commissioning

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019

• $124 Million capital spend over 18 months – 100% debt financed

• 4 x 14 MW dual-fuel capable engines + 10 MW Battery energy storage

• Final construction approvals in progress and approved by Regulatory Authority

• 86% of project via turnkey contract

North Power Station & Battery Storage

GRID INVESTMENT

• $124 Million over 5 years• Transmission and substation upgrades to enable new technologies• Advanced metering and related infrastructure

17

Belmont to Lighthouse

Prospect to Flatts

Lighthouse to NOB

Flatts to Mullet Bay

2018 2019 2020 2021

COST AND EFFICIENCY

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• Capital Plan investment designed for more efficient operation

• Strategic initiative to lower costs over five years

• Review procurement and inventory processes to reduce cost and capital employed

• Company-wide process redesign to streamline work

Fuel$55.9

Fuel Tax$29.2

Other $11.4

D&A$25.0

Labour$51.1

Supplies and other

O&M$40.1

2017 Operating Costs($ Millions)

Controllable

Non-controllable

CAPITAL STRUCTURE

• Target solid investment grade debt metrics

19

0.0 x

0.5 x

1.0 x

1.5 x

2.0 x

2.5 x

3.0 x

3.5 x

4.0 x

4.5 x

Debt to EBITDA

20172022eIndustry benchmark

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

Debt / Equity

20172022eIndustry benchmark

VISIBILITY TO GROWTH

• Regulated capital plan plus non-regulated growth deliver outstanding growth

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$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00Core EPS

2016 2017 2022e

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00FFO/sh

2016 2017 2022e

EXPERIENCED TEAM

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Balanced skill-set across diverse range of industries

Extensive public company experience

Mix of local and global experience

Board of Directors

Executive

Management Team with combined industry experience of

more than 100 years

Extensive experience with well-known global public companies

Mix of local and global experience

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

AGL Island utilityaverage (1)

US SmallCap average

(2)

Canadianutility average

(3)

0.0x

0.2x

0.4x

0.6x

0.8x

1.0x

1.2x

1.4x

1.6x

1.8x

2.0x

AGL Island utilityaverage (1)

US Small Capaverage (2)

Canadianutility average

(3)

STRATEGIC PLAN DESIGNED TO UNLOCK SIGNIFICANT VALUE

22

TEV / EBITDA (trailing 12 mths)

________________________Source: FactSet as of April 24, 2018.(1) Includes Caribbean Utilities, Hawaiian Electric(2) Includes Portland General Electric, ALLETE, El Paso Electric, Ottertail Corporation(3) Includes ATCO, Fortis, HydroOne, Algonquin, Emera, AltaGas

Price / Book Value

THE VALUE OF ASCENDANT’S STRATEGY

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Valuation upside • Execution of strategy designed to unlock Company’s true value in 24 to 36 months

Evolving regulatory environment

• Significant progress toward establishing strong regulatory compact

Visible growth plan• $250 Million Capital Plan will drive significant cash flow

growth over next five years• Growth in non-regulated business

Solid track record • 134% total shareholder return since 2016• 43% core earnings growth since last year

Stable earnings• More than 80% of earnings from regulated business• Non-regulated business underpinned by long-term

contracts

QUESTIONS?