Title: SHIP Factsheet URL Source: https://documentscdn.financialexpress.net/Literature/459749E71422568FBACF8F5D9DA41731/240570752.pdf Number of Pages: 2 Markdown Content: 1Q26 Factsheet # Tufton Assets Limited (SHIP) INVESTMENT MANAGER > Tufton Investment Management Ltd > 70 Pall Mall, 1 st Floor > London SW1Y 5ES The Investment Manager is Tufton Investment Management Ltd (“Tufton”) . The Tufton group was founded in 1985 to provide financial services to the maritime and energy industries and since 2000 has concentrated predominately on investment and asset management . The Investment Manager is authorised and regulated by the Financial Conduct Authority and has offices in London, Geneva, Isle of Man, and Cyprus . Tufton is primarily focused on the maritime industry with an in -house research team and Asset Manager providing operational and accounting services to each vessel within the portfolio . The Investment Manager is committed to Responsible Investment by integrating ESG principles into its investment process and has been a signatory of the UN Principles for Responsible Investment since December 2018 . Fund Managers : ▪ Andrew Hampson : 48 years of experience in banking and shipping finance . Joined Tufton in 2001 . ▪ Nicolas Tirogalas : 27 years of experience in fund management, investment banking and the shipping industry . Joined Tufton in 2023 . ▪ Nikos Petrakakos : 21 years of experience in finance, investment banking and operations in the maritime industry . Joined Tufton in 2022 . > No .of Shares in issue 267 ,406 ,330 > Share Price $1.18 /£0.90 > NAV *$373 .1m/£282 .9m > NAV per share *$1.395 /£1.058 > Premium/(Discount) to NAV (15 .4%) > Net IRR (since inception) +11 .7% > Current dividend yield^ 8.3% > Management Fee :0.85 %of NAV below $250 m > 0.75 %of NAV between $250 mand $500 m(no fees > on cash) .Performance Fee :20 %of excess return > over 12 %net hurdle . > Ongoing charges :1.09 %** KEY STATISTICS > as at 31 March 2026 > (unless otherwise stated) INVESTMENT OBJECTIVE AND STRATEGY To provide investors with an attractive level of regular and growing income and capital returns through investing in a diversified portfolio of secondhand commercial sea -going vessels . RECENT HIGHLIGHTS NAV total return was 2.2% for 1Q26 . The NAV total return of 11 .9% for the financial year -to -date has been underpinned by continuing improvement in the bulker and product tanker markets . The market value of product tankers and bulkers continued to rise . Following the conflict in the Middle East, the sharp and sudden increase in spot tanker rates coupled with a more gradual rise in market values, resulted in a negative impact to NAV for the tankers in the portfolio as it results in lower charter -adjusted values for vessels on existing time charters, moderating the net appreciation in portfolio value . The Company expects charter -adjusted values to normalise over time . The Company agreed to acquire two fuel -efficient Handysize bulkers for $33 m in total, (c .85 % of their Depreciated Replacement Cost) . The values of both vessels have appreciated since the acquisition, with further capital appreciation potential, and their initial charters have net yields of at least 12 % based on the acquisition price . A stronger tanker market in February enabled the Company to agree 12 -month charter extensions for Cocoa and Daffodil at 47 % higher rates with a yield of c.26 %. The escalation of hostilities in the Middle East and temporary closure of the Strait of Hormuz has not negatively impacted the Company’s vessels . DIVIDEND DECLARATION The Company declared a 1Q26 dividend of $0.025 per share, payable on 20 May . The Company is forecast to have dividend cover of 1.8x over the next 18 months . INVESTMENT OUTLOOK The bulker market remained strong even during Chinese New Year, (typically a seasonally slow period for bulkers) . Grain exports from the Americas added to demand with a coincident increase in regional port congestion, constraining vessel supply . The disruption of LNG flows could incentivise consumer countries to diversify into coal, which would be a positive medium -term development . Longer term, the post -war reconstruction in the Middle East could benefit bulker demand . The disruption of vessel traffic through the Strait of Hormuz highlighted the value of tankers as strategic assets . Before the conflict in Iran c.16 % of the global tanker fleet, (> 900 vessels) was sanctioned and excluded from commercial trade . The closure of Hormuz resulted in c.6% of the fleet idling in / around the Arabian Gulf, including c.10 % of the previously remaining compliant fleet – leaving only c.75 % of the global fleet available for commercial trade . With limited cargo availability in the Middle East, we noted an increase in tankers shifting to the Atlantic basin to pick up cargo – likely for delivery back to the Pacific basin, a significant boost to tonne -mile demand . Satellite data is already showing higher oil exports from the US . A prolonged closure of the Strait would leave the global oil market in deficit . Recent events reaffirm the Investment Manager’s view that geopolitical trends are likely to continue supporting strong yields whilst supply -side restrictions and trade inefficiencies contribute to a tight market and high capital values . The extent of the conflict and timing for cessation of hostilities remains unclear, however the Investment Manager is cautiously optimistic of a gradual return to Hormuz transits and is preparing to maximise the yield on charters for the eight vessels due for charter renewal later this year . > *31 Mar 2026 closing mid -rate of USD/GBP 0.7583 > Source: Morningstar > ** Calculated in accordance with AIC guidelines > + NAV based IRR assumes pro -rata participation in all > capital raises > ^ Based on target annual dividend of $0.10/share and > closing share price of $1.20/share on 09 April 2026 All Rights Reserved. Published 15 April 2026 16.9% 21.5% 10.0% 14.2% 0% 5% 10% 15% 20% 25% Product Tankers Chemical Tankers (firm period only) Bulkers Fleet Avg Product Tankers Bulkers Chem Tankers Net current assets BOARD OF DIRECTORS Robert King (Chairman) Paul Barnes Stephen Le Page Christine Rødsæther Trina Le Noury 5-10 years 10-15 years 15-20 years COMPANY INFORMATION Registered Address 1 Royal Plaza Royal Avenue St Peter Port Guernsey, GY1 2HL Listing Specialist Fund Segment of the London Stock Exchange IPO Date 20 December 2017 ISIN GG00BDFC1649 SEDOL BDFC164 / BMB3NJ1 Ticker SHIP / SHPP Dividend Frequency Quarterly ISA / SIPP eligible? Yes Website www.tuftonassets.com Email SHIP@tuftonassets.com CORPORATE ADVISERS Hudnall Capital LLP Adam House, 7 -10 Adam Street London, WC2N 6AA Andrew Cade: +44 (0) 207 520 9085 Singer Capital Markets 1 Bartholomew Lane, London, EC2N 2AX Alan Geeves: +44 (0) 207 496 3030 Sam Greatrex: +44 (0) 207 496 3032 ADMINISTRATOR & SECRETARY Apex Administration (Guernsey) Limited (per registered address above) shipadmin@apexgroup.com Vessel Type Charter Length Vessel Charterers Vessel Age AGM 21 Oct 2026 Reporting period end 30 Jun 2026 (FY) Dividend Calendar 1Q 26 2Q 26 3Q 26 4Q 26 Release date 15 Apr 15 Jul 14 Oct TBC Ex -dividend date 23 Apr 23 Jul 22 Oct TBC Record date 24 Apr 24 Jul 23 Oct TBC Payment date 20 May 19 Aug 18 Nov TBC <1 year 1-3 years Nine charterers FLEET NET YIELDS The run rate yield + on the fleet has increased to 14 .2%. The average expected charter length (EBITDA -weighted) is c.1.1 years for the portfolio . CORPORATE CALENDAR PORTFOLIO PERFORMANCE Operating profit was $0.041 /share, higher QoQ due to higher rates and fewer off -hire days . Charter -free value in product tankers and bulkers rose as those markets improved . Portfolio negative charter value was $31 .6m as of quarter end as product tanker benchmark time charter rates rose sharply in March following the conflict in Iran . 1.390 1.39 1.43 1.42 1.39 1.395 $0.041 $0.100 ($0.112 ) ($0.025 ) $1.00 $1.10 $1.20 $1.30 $1.40 $1.50 NAV 31 Dec 2025 Operating profit Change in charter-free values Change in charter values Dividend NAV 31 Mar 2026 Disclaimer : The information in this document has been prepared for information purposes only and does not constitute an offer or solicitation for the purchase or sale of any investment or financial instrument in Tufton Assets Limited (the "Company") and should not be relied on by any person for the purpose of accounting, legal or tax advice or for making an investment decision . The payment of dividends and the repayment of capital are not guaranteed by the Company . Any forecast, projection or target is indicative only and not guaranteed in any way, and any opinions or views expressed in this document are those of Tufton Investment Management Ltd (the “Investment Manager”), and do not constitute investment advice and are subject to change without notice, and neither the Company nor the Investment Manager is under any obligation to update such opinions . Any potential investments identified by the Investment Manager are prospective only and there is no guarantee that the Company will proceed with any of them . Past performance is not a reliable indicator of future performance, and investors may not get back the original amount invested . Unless otherwise stated, the sources for all information contained in this document are the Investment Manager . Information contained in this document is believed to be accurate at the date of publication, but neither the Company nor the Investment Manager gives any representation or warranty as to the accuracy or completeness of the information in this document . This document does not contain and is not to be taken as containing any financial product advice or financial product recommendation . Neither the Company nor the Investment Manager accepts any liability whatsoever for any loss (whether direct or indirect) arising from any use of this document or its contents . Tufton Investment Management Ltd . is authorised and regulated by the FCA, registered in England & Wales (Registered Number : 01835984 ). Registered Office : 70 Pall Mall, 1st Floor, London SW 1Y 5ES > + On market value and after capex accrual and fees, pro forma for announced transactions # 1Q26 Factsheet # Tufton Assets Limited (SHIP) All Rights Reserved. Published 15 April 2026 Signatory of PORTFOLIO OVERVIEW + > + Pro forma for announced transactions