TFOAF

Tufton Assets Limited, formerly Tufton Oceanic Assets Limited, is a Guernsey-based investment company. The Company invests in a diversified portfolio of secondhand commercial sea-going vessels with the objective of delivering cash flow and capital gains to investors. It will make investments through one or more underlying special purpose vehicle over which the Company will exercise control with regard to investment decisions and which will mainly be wholly owned by the Company and may be held through an intermediate holding company. The Company may, from time to time, invest through vehicles that are not wholly owned by it. In such circumstances, the Company will seek to secure controlling rights over such vehicles through shareholder agreements or other legal arrangements. No single vessel will represent more than 25 percent of net asset value. It will not invest in cruise ships or in other closed-ended investment companies. Its investment manager is Tufton Investment Management Ltd.