Transfer of Treasury Shares

Toro Limited (the Company)

24 March 2017

Transaction in Own Shares

The Company has arranged for the transfer of 800,181 Shares from treasury to Chenavari Investment Managers Holdings, as nominee of Chenavari Credit Partners LLP, pursuant to the performance fee provisions of the portfolio management agreement dated 28 April 2015 between, inter alia, the Company and Chenavari Credit Partners LLP, and as set out in the circular to shareholders dated 17 February 2017.

Settlement of the transfer is expected to occur on 24 March 2017.

Following the transaction the remaining shares in issue total 361,450,000 (unchanged), of which 22,928,953 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 338,521,047. 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.torolimited.gg/

Enquiries:

Kirstie Sumarno

Chenavari Investment Managers

Email: [email protected]

Telephone: +44 20 7259 3600