NAV, Dividend Declaration and Q1 2020 Update

30 April 2020

TUFTON OCEANIC ASSETS LIMITED

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

Net Asset Value, Dividend Declaration and Q1 2020 Update

Tufton Oceanic Assets announces that as at 31 March 2020, the unaudited net asset value ("NAV") was USD247.304 million and the unaudited NAV per ordinary share was USD0.969.

The Company is pleased to announce a dividend of USD0.0175 per ordinary share for the quarter ending 31 March 2020. The dividend will be paid on 26 May 2020 to holders of ordinary shares recorded on the register as at close of business on 11 May 2020 with an ex-dividend date of 7 May 2020.

The Company's quarterly factsheet as at 31 March 2020 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 Limited. The Company has raised a total of approximately $250m (gross) through its Initial Public Offering on the Specialist Fund Segment of the London Stock Exchange, on 20 December 2017, a subsequent placing and offer in October 2018, a placing in March 2019 and a placing in September 2019.