Tufton Oceanic Assets Limited commences an Equity Buyback Plan to repurchase up to 14.99% of its issued share capital, under the authorization approved on October 27, 2022.

Tufton Oceanic Assets Limited commences share repurchases on November 9, 2022, under the program mandated by the shareholders in the Annual General Meeting held on October 27, 2022. As per the mandate, the company is authorized to repurchase up to 14.99% of the issued share. The maximum price which may be paid for each Ordinary Share must not be more than the higher of 5% above the average of the mid-market values of an Ordinary Share taken from the London Stock Exchange Daily Official List for the 5 business days before the purchase is made or the higher of the price of the last independent trade or the highest current independent bid for the Ordinary Shares on the London Stock Exchange at the time the purchase is carried out.

The minimum price which may be paid for each Ordinary Share is US$0.01. The repurchased shares will be cancelled or held into treasury at the determination of the Directors. This authority shall expire at the next annual general meeting of the Company or, if earlier, the date falling 15 months from the passing of this resolution.

As of September 23, 2022, the company had 308,628,541 ordinary shares issued and outstanding.