Tufton Assets Limited

(the "Company")

Portfolio management update

The Board notes today's announcement by the Company's Investment Manager, Tufton Investment Management Ltd., ("Tufton") regarding leadership changes designed to deepen its capabilities and broaden its activities.

Of relevance to the Company in Tufton's announcement is the addition of Nikos Petrakakos to the team managing the portfolio. Mr. Petrakakos is a Managing Director of Tufton in London and leads its maritime investment team.

Andrew Hampson and Nicolas Tirogalas remain on the Company's portfolio management team, members of Tufton's Investment Committee and significant shareholders of the business.

None of the strategic changes announced by Tufton alter the Company's investment objectives, investment policy or portfolio strategy.

Rob King, Chairman, said:

"We welcome the changes announced by Tufton and the addition of Nikos to the Company's portfolio management team. He has progressively broadened his responsibilities across Tufton's maritime investment activities over recent years. He will complement Andrew and Nicolas, adding to our investment management strength and helping us achieve the Company's objectives.

"Tufton's team adopted a welcome degree of transparency and proactivity in communicating its succession arrangements to us and we will watch with interest as it begins an exciting period of expansion for its business."

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About the Company

Tufton Assets Limited, (LSE:SHIP) 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 raised a total of approximately $316.5 million through its 20 December 2017 Initial Public Offering on the Specialist Fund Segment of the London Stock Exchange and via subsequent capital raises. Including the 1Q26 dividend due to be paid on 20 May 2026, the Company will have returned $205.1 million to investors since inception.

The Company's investment manager is Tufton Investment Management Ltd, a leading FCA-authorised alternative investment manager, with a focus on maritime, world trade, raw materials and energy-related investments. Tufton has managed more than $1 billion in drawn capital for institutional investors including major UK pension funds and has launched publicly listed investment vehicles. Tufton was established in 1985 and operates from offices in London, Geneva, Cyprus, and the Isle of Man.