Acquisition

11 December 2018

Tufton Oceanic Assets Limited (the "Company")

$36m Investment in two Product Tankers

The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that the Company has agreed to acquire two product tankers for a total of $36m. These acquisitions will take the Company's fleet to ten vessels.

Each vessel will have a time charter of two to three years to a major commodity trading and logistics company. The yield is in line with the targets expressed in the Company's C Share prospectus.

These will be the third and fourth investments made from the C Share proceeds announced on 11 October 2018. The Company has invested approximately 75% of the C Share net proceeds.

Tufton Oceanic Limited, the Investment Manager, continues to identify an attractive pipeline of opportunities across a range of the Company's target sectors.

For further information, please contact:

Tufton Oceanic Limited Tel: +44 (0) 20 7518 6700

Andrew Hampson

Paulo Almeida

N+1 Singer Tel: +44 (0) 207 496 3030

James Maxwell, Alex Bond (Corporate Finance)

Alan Geeves, James Waterlow, Sam Greatrex (Sales)

Hudnall Capital LLP Tel: +44 (0) 20 7520 9085

Andrew Cade

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 Oceanic Limited. The Company was admitted to the Specialist Fund Segment of the London Stock Exchange on 20 December 2017.