4Q22 Net Asset Value and Dividend Declaration

17 January 2023

Tufton Oceanic Assets Limited

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

4Q22 Net Asset Value and Dividend Declaration

Tufton Oceanic Assets announces that as at 31 December 2022 the unaudited net asset value ("NAV") was $431.6 million (£358.8 million*) and the unaudited NAV per ordinary share was $1.402 (£1.165*). The NAV total return for the quarter was -3.8% and for 2022 was +7.7%.

The Company is pleased to announce a dividend of $0.02125 per ordinary share for the quarter ending 31 December 2022. The dividend will be paid on 10 February 2023 to holders of ordinary shares recorded on the register as at close of business on 27 January 2023 with an ex-dividend date of 26 January 2023.

The Company is forecast to have a dividend cover of c.1.8x over the next 18 months after reinvesting the sale proceeds from the divestment of its last Containership, Riposte.

The Company advises that the default payment for dividends remains in US Dollar, however, dividends are capable of being paid in GBP Sterling, provided that the relevant shareholder has registered to receive their dividend in GBP Sterling under the Company's Dividend Currency Election. A copy of the Dividend Currency Election form, which should be sent to Computershare Investor Services plc, The Pavilions, Bridgwater Road, Bristol, BS99 6BD no later than 30 January 2023, is available on the Company's website at  http://www.tuftonoceanicassets.com/company-documents/.

The Dividend Currency Election Form should only be completed by shareholders who hold shares in certificated form. CREST shareholders must elect via CREST. Non-CREST shareholders wishing to receive Company dividends by electronic funds transfer directly to their bank accounts can register for Computershare's Global Payment Service at  www.investorcentre.co.uk

The Company's quarterly factsheet as at 31 December 2022 will shortly be available on the Company's website in the Investor Relations section at www.tuftonoceanicassets.com/quarterly-reports.

*31 December 2022 closing mid-rate of USD/GBP 0.8313. Source: Morningstar

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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 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.