2Q22 Estimated Net Asset Value and Update

7 July 2022

TUFTON OCEANIC ASSETS LIMITED

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

2Q22 Estimated Net Asset Value and Update

Tufton Oceanic Assets announces that as at 30 June 2022 the estimated unaudited net asset value ("NAV") was $447.37 million (£368.36 million) and the estimated unaudited NAV per ordinary share was $1.449 (£1.194). The NAV total return for the quarter was 6.2%. The final NAV and 2Q22 Dividend will be announced, and the 2Q22 Factsheet released, on 19 July 2022.

The strong performance over the second quarter is attributable to the strength in the bulker market and the improving product and chemical tanker markets. The continued strength in the tanker market is expected to increase the yields from our two chemical tankers with partial market exposure, our product tanker Marvelous which has full market exposure, and the asset values of our ten tankers.

The Investment Manager will provide a market update during its webinar on 21 July 2022.

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 $316.5m (gross) through its Initial Public Offering on the Specialist Fund Segment of the London Stock Exchange on 20 December 2017 and subsequent capital raises.