NAV, Dividend Declaration & Dividend Target Raised

18 October 2022

Tufton Oceanic Assets Limited

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

3Q22 Net Asset Value and Dividend Declaration; Dividend Target Raised

Tufton Oceanic Assets announces that as at 30 September 2022 the unaudited net asset value ("NAV") was $456.3 million (£408.8 million*) and the unaudited NAV per ordinary share was $1.479 (£1.325*). The NAV total return for the quarter was 3.3%.

The Company is pleased to announce a dividend of $0.02 per ordinary share for the quarter ending 30 September 2022. The dividend will be paid on 11 November 2022 to holders of ordinary shares recorded on the register as at close of business on 28 October 2022 with an ex-dividend date of 27 October 2022.

Encouraged by strong visible cash flows from increased charter cover, diversification and continued supply-side recovery, the Company has raised its target annual dividend from $0.080 to $0.085 per share, to commence from 4Q22. After the increase, the Company is forecast to have a dividend cover of c.1.8x over the next 18 months.

The Company's quarterly factsheet as at 30 September 2022 will shortly be available on the Company's website in the Investor Relations section under Company Documents at www.tuftonoceanicassets.com/quarterly-reports.

*30 September 2022 closing mid-rate of USD/GBP 0.8958. Source: Morningstar

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.