Dividend Declaration

Toro Limited (Toro or the Company)

20 January 2017

Toro Declares Dividend for Quarter ended 31 December 2016

The Company is pleased to announce the payment of a dividend of EUR 0.0125 per ordinary share for the period 1 October 2016 to 31 December 2016.

The dividend will be paid on 1 March 2017 to holders of ordinary shares recorded on the register as at close of business on 3 February 2017.

Further information in relation to the Company is available at:

http://www.torolimited.gg/

Enquiries:

Kirstie Sumarno

Chenavari Investment Managers

Email: [email protected]

Telephone: +44 20 7259 3600