Dividend Declaration

Chenavari Toro Income Fund Limited (the Company)

24 October 2019

Dividend for the Quarter ended 30 September 2019

The Company is pleased to announce the payment of a dividend of EUR 0.02 per ordinary share for the period 1 July 2019 to 30 September 2019.

The dividend will be paid on 29 November 2019 to holders of ordinary shares recorded on the register as at close of business on 1 November 2019 with an ex-dividend date of 31 October 2019.

Shareholders wishing to take the dividend in scrip, or to make a dividend currency election, should note that the last date to make an election to join the Scrip dividend scheme or make a currency election to be eligible for the dividend paying on 29 November 2019 is 17:00 on 14 November 2019. The Scrip Reference Price will be calculated and announced on or around 7 November 2019.

Further information in relation to the Company is available at:

http://www.chenavaritoroincomefund.com

Enquiries:

Kirstie Sumarno / Guy Goyard

Chenavari Investment Managers

Email: [email protected]

Telephone: +44 20 7259 3600