Dividend Declaration

Chenavari Toro Income Fund Limited (the Company)

30 April 2020

Dividend for the Quarter ended 31 March 2020

The Company is pleased to announce the payment of a dividend of EUR 0.015 per ordinary share for the period 1 January 2020 to 31 March 2020.

The dividend will be paid on 8 June 2020 to holders of ordinary shares recorded on the register as at close of business on 11 May 2020 with an ex-dividend date of 7 May 2020.

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 8 June 2020 is 17:00 on 21 May 2020. The Scrip Reference Price will be calculated and announced on or around 15 May 2020.

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