Q2 2021 NAV and Dividend; Dividend Target raised

22 July 2021

TUFTON OCEANIC ASSETS LIMITED

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

Net Asset Value, Dividend Declaration, Dividend Target increased and Q2 2021 Update

Tufton Oceanic Assets announces that as at 30 June 2021, its unaudited net asset value ("NAV") was $312.65 million and unaudited NAV per ordinary share was $1.158. The NAV total return for the quarter was 11.7%.

The Company is pleased to announce a dividend of $0.01875 per ordinary share for the quarter ending 30 June 2021. The dividend will be paid on 13 August 2021 to holders of ordinary shares recorded on the register as at close of business on 30 July 2021 with an ex-dividend date of 29 July 2021.

Encouraged by strong performance and increased portfolio yield, the Board is pleased to raise its target annual dividend from $0.075 to $0.08 per share, to commence from 3Q21. After the increase, the Company is forecast to have a dividend cover of c.1.7x over the next 18 months despite not being fully invested following the divestment of the Containership Kale.

The Company's quarterly factsheet as at 30 June 2021 will shortly be available on the Company's website in the Investor Relations section under Company Documents at www.tuftonoceanicassets.com/quarterly-reports.

The Company's new Responsible Investment, Sustainability and ESG (Environmental, Social and Governance) policy will shortly be available on the Company's website in the Investor Relations section under Company Documents at www.tuftonoceanicassets.com/company-documents.

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 $265m (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, a placing in September 2019 and a tap issue in March 2021.