Dividend Declaration

Chenavari Toro Income Fund Limited (the Company)

1 May 2019

Dividend for the Quarter ended 31 March 2019

The Company is pleased to announce the payment of a dividend of EUR 0.02 per ordinary share for the period 1 January 2019 to 31 March 2019.

The dividend will be paid on 14 June 2019 to holders of ordinary shares recorded on the register as at close of business on 10 May 2019 with an ex-dividend date of 9 May 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 14 June 2019 is 17:00 on 24 May 2019. The Scrip Reference Price will be calculated and announced on or around 16 May 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