16 April 2025

Tufton Assets Limited ("SHIP" or the "Company")

1Q25 Net Asset Value and Dividend Declaration

The Company announces that as at 31 March 2025, the unaudited net asset value ("NAV") was USD374.8 million (GBP290.4 millioni) and the unaudited NAV per ordinary share was USD1.402 (GBP1.086i). The NAV total return was -10.4% for the quarter and -5.0% for the financial year that started 1 July 2024 and up to 31 March 2025.

The Company is pleased to announce a dividend of USD 0.025 per ordinary share for the quarter ending 31 March 2025. The dividend will be paid on 16 May 2025 to holders of ordinary shares recorded on the register as at the close of business on 02 May 2025 with an ex-dividend date of 01 May 2025.

The Company's quarterly factsheet as at 31 March 2025 will shortly be available on the Company's website in the Investor Relations section at www.tuftonassets.com/quarterly-reports.

Dividend currency declaration

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 6 May 2025, is available on the Company's website at http://www.tuftonassets.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.

For further information, please contact:

About the Company

Tufton Assets Limited invests in a diversified portfolio of second-hand 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 USD316.5m (gross) through its Initial Public Offering on the Specialist Fund Segment of the London Stock Exchange on 20 December 2017 and subsequent capital raises, and the Company has returned USD171.7m to investors over the same period of time.

LEI: 213800L1N2V3FVNOSY44