Chenavari Toro Regulatory News (TORO)

Chenavari Toro Income Fund Limited (the Company)

29 January 2021

Quarterly Dividend for the Quarter ended 31 December 2020 - Correction Notice

In line with the enhanced dividend policy announced by the Company on 8 June 2020 (the "Enhanced Dividend Policy"), the Company is pleased to announce payment of its quarterly dividend of 2.5% (Euro 0.0176 per ordinary share) (the "Regular Quarterly Dividend") for the period from 1 October 2020 to 31 December 2020.

Payment will be made on 19 March 2021 to holders of ordinary shares recorded on the register as at close of business on 12 February 2021 with an ex-dividend date of 11 February 2021. The quarterly Dividend Yield remains targeted at 2.5% quarterly.

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 19 March 2021 is 17:00 on 24 February 2021. The Scrip Reference Price will be calculated and announced on or around 18 February 2021.

With effect from 1 January 2021, the maximum cash balance cap will be reduced to a level of not more than 5 per cent. of NAV, unless the investment manager, at its discretion, decides to maintain such cap at a maximum of 10 per cent., should market opportunities in liquid and tradable European ABS / CLO arise.

Further information in relation to the Company is available at:

http://www.chenavaritoroincomefund.com

Enquiries:

Guy Goyard

Chenavari Investment Managers

Email: tlir@chenavari.com

Telephone: +44 20 7259 3600