19 July 2023

Tufton Oceanic Assets Limited

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

2Q23 Net Asset Value and Dividend Declaration

Tufton Oceanic Assets announces that as at 30 June 2023 the unaudited net asset value ("NAV") was $412.8 million (£324.7 million*) and the unaudited NAV per ordinary share was $1.365 (£1.074*). The NAV total return for the quarter was -0.7%.

The Company is pleased to announce a dividend of $0.02125 per ordinary share for the quarter ending 30 June 2023. The dividend will be paid on 11 August 2023 to holders of ordinary shares recorded on the register as at close of business on 28 July 2023 with an ex-dividend date of 27 July 2023.

The Company is forecast to have a dividend cover of c.1.6x over the next 18 months.

The Company advises that the default payment for dividends remains in US Dollar, however, dividends are capable of being paid in GBP Sterling, provided that the relevant shareholder has registered to receive their dividend in GBP Sterling under the Company's Dividend Currency Election. A copy of the Dividend Currency Election form, which should be sent to Computershare Investor Services plc, The Pavilions, Bridgwater Road, Bristol, BS99 6BD no later than 31 July 2023, is available on the Company's website at  http://www.tuftonoceanicassets.com/company-documents/.

The Dividend Currency Election Form should only be completed by shareholders who hold shares in certificated form. CREST shareholders must elect via CREST. Non-CREST shareholders wishing to receive Company dividends by electronic funds transfer directly to their bank accounts can register for Computershare's Global Payment Service at  www.investorcentre.co.uk

The Company's quarterly factsheet as at 30 June 2023 will shortly be available on the Company's website in the Investor Relations section at www.tuftonoceanicassets.com/quarterly-reports.

*30 June 2023 closing mid-rate of USD/GBP 0.7866. Source: Morningstar

For further information, please contact:

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.