Results of Scrip Dividend Election

Chenavari Toro Income Fund Limited (the Company)

14 December 2018

Results of 30 September 2018 Scrip Dividend

In connection with the scrip dividend offer made in respect of the dividend for the quarter ended 30 September 2018 of EUR 0.02 per ordinary share, the Company announces that it has received valid elections from Shareholders resulting in a requirement to transfer 125,993 Shares from treasury to relevant Shareholders.

Following the transfer, which is expected to settle on 14 December2018, the remaining shares in issue total 361,450,000 (unchanged), of which 34,321,851 shares are held in treasury. Shares held in treasury carry no voting rights, therefore the total number of voting rights in the Company will be 327,128,149. This figure may be used by shareholders and other investors as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

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