27 April 2022

TUFTON OCEANIC ASSETS LIMITED

("Tufton Oceanic Assets" or the "Company")

Net Asset Value, Dividend Declaration and Q1 2022 Update

Tufton Oceanic Assets announces that as at 31 March 2022 the unaudited net asset value ("NAV") was $427.1 million and the unaudited NAV per ordinary share was $1.384. The NAV total return for the quarter was 2.0%.

The Company is pleased to announce a dividend of $0.02 per ordinary share for the quarter ending 31 March 2022. The dividend will be paid on 20 May 2022 to holders of ordinary shares recorded on the register as at close of business on 6 May 2022 with an ex-dividend date of 5 May 2022.

The Company's quarterly factsheet as at 31 March 2022 will shortly be available on the Company's website in the Investor Relations section under Company Documents at www.tuftonoceanicassets.com/quarterly-reports.

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About the Company

Tufton Oceanic Assets Limited invests in a diversified portfolio of secondhand commercial sea-going vessels with the objective of delivering strong cash flow and capital gains to investors. The Company's investment manager is Tufton Investment Management Ltd. The Company has raised a total of approximately $316.5m (gross) through its Initial Public Offering on the Specialist Fund Segment of the London Stock Exchange on 20 December 2017 and subsequent capital raises.