Net Asset Value(s)

Chenavari Toro Income Fund Limited (the Company)

27 April 2020

Net Asset Value Per Share

The Company announces the following unaudited net asset value per share as at 31 March 2020:

Ordinary Share: EUR 0.7643

Please note that the marks of a few real estate transactions (Spanish real estate development, Spanish mortgage NPL and Irish mortgage portfolio - in total accounting for 22% of the Company's NAV as at 31 March 2020) have been kept unchanged as there is no material observable element justifying a mark down of these positions in the context of COVID-19 as at the NAV date. The Manager, in accordance with the Board of Directors, believe it is too early to assess whether COVID-19 has had any material effect on the underlying real estate collateral value. As at the date of this announcement, the Manager, in accordance with the Board of Directors, believe that the maximum downside related to these investments could account for a -5.5% impact on the NAV of the Company.

The monthly factsheet will be published in due course.

Further information in relation to the Company is available at:

http://www.chenavaritoroincomefund.com

Enquiries:

Kirstie Sumarno or Guy Goyard

Chenavari Investment Managers

Email: [email protected]

Telephone: +44 20 7259 3600