Title: https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx/ URL Source: https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx?type=packet_fund_unit_doc_priip_kid&docid=a753b70b-da5d-4556-9b16-3871aee51cd7&user=228WKJBELIm8K4AiJLjhlgE8ZXNgYIyb+qJbn5BdIcw= Published Time: Mon, 10 Nov 2025 15:54:01 GMT Number of Pages: 4 Markdown Content: Key Information Document (KID) 1 # Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you comp are it with other products. # Product Name Tufton Assets Limited - Ordinary Shares (USD) ISIN GG00BSFVPB94 Manufacturer Tufton Investment Management Ltd Contact Details Visit www.tuftonassets.com, or call +44 (0) 20 7518 6700 for more information. This Key Information Document is dated 01 -09-2025 . It is prepared for your information but is not a statutory document at this stage as the FCA has temporarily removed the requ irement for this product to produce a KID. ## You are about to purchase a product that is not simple and may be difficult to understand # What is this product? Type Tufton Assets Limited is a closed -ended investment company incorporated in Guernsey (the “Company”). The Company’s investment manager is Tufton Investment Management Ltd. The Ordinary shares are traded in US Dollars and Pound Sterling on the Specialist Fun d Segment of the London Stock Exchange. Objectives The Company’s investment objective is to provide investors with an attractive level of regular and growing income and capital returns through investing in a diversified portfolio of second -hand commercial sea -going vessels. The Company’s subsidiaries may borrow to purchase assets. Leverage will only be employed where there is free cash flow generated from contracted vessel employment to counterparties which are considered creditworthy. It is anticipated that on an ongoing bas is consolidated Company gearing (consolidated loans to consolidated Charter -Free Value) will not be greater than 40% and the loan to Charter -Free Value ratio in any subsidiary at the time of loan drawdown will not be greater than 50%. Leverage will magnify any gains or losses made by the Company. In the short term the Company may utilise leverage at the Company level for working capital or bridging purposes, but only to the extent that it is consistent with the AIFM’s regulatory status, and subject always to the consolidated Company gearing limits outlined above. The Company will invest and manage its assets in a manner which is consistent with the objective of diversifying investment risk across the main vessel classifications in the shipping industry. Intended Investor Intended investors in the Company are institutional or sophisticated investors and private individuals who are professionally -advised and knowledgeable or who understand, or who have been advised of, and are capable of evaluating the risks and merits of su ch investment and for whom an investment in the Ordinary shares constitutes part of a diversified investment portfolio and who have sufficient resources to bear any loss (which may be equal to the amount invested) which might result from such investment. Term The Company has an unlimited life, subject to continuation votes which will be held at the annual general meeting on 24th October 2027 and every three years thereafter. There is no maturity date for the Ordinary shares. 2 # What are the risks and what could you get in return? We have classified this product as 4 out of 7, which is a medium risk class. This rates the potential losses from future performance at a medium level, and poor market conditions could impact our capacity to pay you. The principal risks and uncertainties facing this product are (i) the cyclical and volatile nature of the shipping industry; ii) the worldwide economic environment and (iii) changes in regulation requiring additional costs to maintain compliance with regul ations. The Company is also exposed to general risks such as market risk, credit risk, interest rate risk, liquidity and foreign exchange risk. This product does not include any protection from future market performance so you could lose some or all of your investment. The risk indicator assumes you keep the product for 5 years. The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. # Investment Performance Information The main drivers of investment performance likely to affect future returns are the ability of the Investment Manager to effec tively allocate capital to the different shipping sub -sectors; to manage, maintain, operate and secure charters for the Company’s f leet of vessels; global economic factors affecting demand for shipping, the supply of ships and the cost of operating them. There is no directly relevant, publicly listed benchmark appropriate to the Company and the Investment Manager continues to t arget returns of 12% pa over the long term in line with IPO documentation. What could affect my return positively? Specific factors that positively affect returns are increased global demand for shipping; portfolio allocation across shippin g sub -sectors; operational management of the assets (employment strategy, technical performance), capital and operating costs, as w ell as the Company’s focus on ESG and energy efficiency in a global operating environment increasingly focussed on such; increased demand for the Company’s shares; inflationary increases in asset values. What could affect my return negatively? Specific factors that affect returns negatively may be decreased global demand for shipping due to a reduction in internation al trade, or because of general GDP growth slowing; failure of counterparties to meet charter payments; the loss of or significant damage to a vessel or vessels; increased capital expenditure and operating costs; failure to comply with sanctions applicable to vessels or their c argo, or loss from environmental claims arising from a vessel’s involvement in an incident causing environmen tal damage; decreased demand for the Company shares. The Investment Manager and the Board of Directors robustly assess principal risks and take action to control or mitig ate these wherever possible. This product cannot be cashed in or redeemed under any circumstances, including severely adverse market conditions. While there are number of methods by which the Company could seek to manage any discount to net asset value at which the Com pany’s shares trade in the secondary market, there is no guarantee that the Company can or will utilise any or all of these method s or, if it does, that it will be successful. This product does not include any protection from future market performance, so you could lose s ome or all of your investment. # What happens if Tufton Assets Limited is unable to pay out? Neither the Company nor its Investment Manager are required to make any payment to you in respect of your investment. As a sh areholder of the Company you will not be able to make a claim to the U.K. Financial Services Compensation Scheme (FSCS) in the even t that the Company is unable to pay out. 3 # What are the costs? On 19 September 2024, the FCA and HM Treasury released interim rules related to the disclosure of ongoing costs in investment trusts. This document follows those rules. All information related to the costs of the Company can be found in the Company's annua l report and other reporting available on the Company's website: www.tufton assets.com . The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one -off, ongoing and incidental costs. The amounts shown exclude operating costs and expenses paid by the Company on the basis that the return that you may receive will depend on the Company’s share price performance. The Company's operating costs (often referred to as ongoing charges) do not represent an additional cost to you in acquiring the Company’s shares; instead, they are reflected in the NAV of the shares and ultimat ely in the share price you pay in acquiring the Company’s shares. The costs do not include any of the costs that you may p ay to your adviser and/or distributor. The figures do not take into account your personal taxation circumstances, which may also affect how much you mi ght recover from the sale of your shares. The amounts shown here are the cumulative costs of the product itself, for three different holding periods. They include pote ntial exit penalties. The figures assume you invest $10,000. The figures are estimates and may change in the future. Table 1: Costs over time The person selling you or advising you about this product may charge you other costs. If so, this person will provide you wit h information about these costs, and show you the impact that all costs will have on your investment over time. Investment Scenarios ($10,000) If you exit after 1 year If you exit after 3 years If you exit after 5 years Total Costs $0 $0 $0 Impact on return each year 0% 0% 0% Table 2: Composition of costs The table below shows: • The impact each year of the different types of costs on the investment return you might get at the end of the recommended holding period. • The meaning of the different cost categories. • It is important to note that the below costs are incurred within the product and are already represented in the Company’s dai ly published NAVs, rather than being separately charged to shareholders. • It should also be noted that cost disclosures in KID documents for this product are currently not required. These figures hav e been made available for your information during this period until new disclosures are agreed. One -off costs Entry costs 0% No entry costs are payable to the Company or its Investment Manager when you acquire ordinary shares, although you may be required to pay brokerage fees or commissions. Exit costs 0% No exit costs are payable to the Company or its Investment Manager when you sell ordinary shares, although you may be required to pay brokerage fees or commissions. Ongoing costs Portfolio transaction costs 0% The impact of the costs of us buying and selling underlying investments for the product. While the Company does incur costs of buying and selling investments, you do not pay the Company for these costs as they are captured in the value of your investment. Please refer to the Company's annual and interim reports for more details of these costs. Other ongoing costs 0% The impact of the management fee payable to the Company’s investment manager and the fees and expenses of the Company’s other service providers. The impact of the costs that we incur each year. While the Company does incur ongoing costs, including the management fee paid to the Investment Manager, you do not pay the Company for these costs as they are captured in the value of your investment. Pleas e refer to the Company's annual and interim reports for more details of these costs. The Company also reports a figure for Ongoing Charges which represents the ongoing costs divided by the average net assets. The figure included in the interim report for the period to 3 0 June 202 5 is 1.0 9%. Incidental costs Performance fees 0% The impact of performance fees which are 20% of the amount by which the total shareholder return exceeds a compound hurdle rate of 12% per annum calculated at 30th June 2024 and every 3 years thereafter, subject to exceeding a high water mark and retention s by the company. 4 # How long should I hold it and can I take my money out early? ## Recommended holding period: 5 years There is no required minimum holding period for the Fund and no formal restrictions or requirements. As an investor in second -hand commercial sea -going vessels we take a long term view and as such its projections assume a 5 -year hold period. Therefore, the recommended holding period is at least 5 years The Company is a closed ended investment company whose shares are listed on th e Specialist Fund Segment of the London Stock Exchange. The Company does not have a redemption facility. Shareholders wishing t o r ealise their investment may do so by selling their shares in the market. # How can I complain? If you have a complaint this should be directed to the Company Secretary, Apex Administration (Guernsey) Limited, 1 Royal Pla za, Royal Avenue, St Peter Port, GY1 2HL, Guernsey, tel: +44 (0)203 5303 600. You do not have the right to complain to the UK Finan cial Ombudsman Service (FOS) about the management of the Company. If you have a complaint about a person who is advising on, or selling, the product you should pursue that complaint with the relevant person in the first instance. # Other relevant information The cost performance and risk calculations used in this document follow the methodology prescribed by FCA rules. The Investme nt Manager believes however that, the target investment returns over the long term of 12% per annum, quoted in the IPO documentatio n, dated 8th December 2017, continues to be applicable. For further information, please refer to the Company’s Prospectus which can be found on the Company’s website at www.tuftonas sets.com or contact Tufton Investment Management Ltd on +44 (0) 20 7518 6700. The FCA has currently suspended specific rules regarding the contents of KIDs for investment products such as this. However, cost, performance and risk calculations used in this documents are explained where relevant. We are required to provide you with fu rther documentation, such as the product’s latest prospectus, annual reports and fact sheets. These documents and other product inf ormation are available online at www.tuftonoceanicassets.com . Depending on how you buy these shares you may incur other costs, including broker commission, platform fees and Stamp Duty.