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The shareholders of Ascendant Group Limited (“Ascendant” or the “Company”) will be aware of the 2019 Annual General Meeting scheduled to take place at the Bermuda Underwater Exploration Institute (“BUEI”) next Friday, 27 March 2020 at 9.30 am (the “AGM”).

Given the concerns and public health restrictions surrounding the COVID-19 virus, we have considered the options available and have made the decision to postpone the AGM with a new date to be announced once the Bermuda Government indicates that it is safe to do so.

You will have received shareholder information in the mail which included the notice and agenda outlining the business to be conducted at the AGM that also appeared in the Royal Gazette on 6 March 2020 (the “Notice and Agenda”). No business other than the annual administrative business outlined in the Notice and Agenda would have been conducted at the meeting.

We previously provided an update on the pending sale of Ascendant to Algonquin Power & Utilities Corp. (the “Sale”) in our letter to shareholders of 21 February 2020. Since that update, we have nothing further to report to shareholders regarding the Sale other than we will continue to work with the Minister of Home Affairs and the Regulatory Authority to ensure that the regulatory approvals required for the Sale to proceed are obtained as expeditiously as possible.

We will continue to assess the situation in Bermuda and ensure that all applicable laws and proper procedure relating to the postponement and holding of the AGM are complied with and that shareholders’ rights are upheld. We will communicate with shareholders once a decision has been made on a new date for the AGM and proceed in accordance with the Companies Act 1981 and the Company’s constitutional documents.

If shareholders have any questions concerning the AGM please e-mail communications@ascendant.bm.

THE BOARD OF DIRECTORS