5 June 2026

 Tufton Assets Limited

Market and NAV Update

Considering the unusual market conditions arising from the conflict in the Middle East and other geopolitical events, Tufton Assets Limited provides an intra-quarter update on the positive market impact on its current NAV.

As of 31 May 2026, the Company's estimated unaudited net asset value, ("NAV") was US$413.5 million giving an NAV per share of US$1.546.

The product tanker and bulker markets remained strong in April and May. Product tankers (which carry diesel, petrol, aviation fuel, chemicals etc.) saw benchmark rates decrease slightly in May from the highest levels of the past decade.

The Company's portfolio negative charter value¹ decreased from US$31.6 million at the end of 1Q26 to US$18.1 million at the end of May. The NAV total return² is 12.7% for the quarter to date, (i.e. April and May) based on the estimated May NAV.

The Company completed its acquisition of two Handysize bulkers, Steadfast and Wholesome, (which carry dry cargo - grain, mineral ores, etc.) announced earlier this year. Both vessels commenced their charters in April and are contributing to operating performance in 2Q26.

May's operating performance was the highest monthly result in three years. The Investment Manager remains cautiously optimistic and looks to further increase the yield on charters for the eight vessels due for charter renewal later this year.

The 2Q26 NAV and dividend will be announced on 15 July 2026.

 - Ends -

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Notes

1 Negative charter value is the difference between the rates the Company's ships are (time) chartered on and the rate at which they could have been chartered on if available today, expressed as a net present value. A negative charter value figure indicates the ship could be re-chartered at a higher rate in the current market; a positive figure indicates the ship would be re-chartered at a lower rate in the current market. In both cases as ships approach the end of their time charter the figure reduces to zero.

² NAV total return over a period is the change in NAV per share plus dividends per share paid by the Company during the period, divided by the initial NAV per share at the beginning of the period.

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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 paid on 20 May 2026, the Company has 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.