Change of Name of Administrator/Company Secretary

Chenavari Toro Income Fund Limited (the Company)

01 April 2020

Change of Name of Administrator/Company Secretary

The Company announces that, following the merger of the Ocorian and Estera groups on 10 February 2020, the Company's Administrator and Company Secretary, Estera Administration (Guernsey) Limited, has legally amalgamated with its affiliate company Estera International Fund Managers (Guernsey) Limited. The amalgamated company will continue to act in its capacity as administrator and company secretary and will change its name to Ocorian Administration (Guernsey) Limited on 6 April 2020.

Further information in relation to the administrator is available at:

https://www.ocorian.com/jurisdiction/guernsey

Further information in relation to the Company is available at:

http://www.chenavaritoroincomefund.com

Enquiries:

Kirstie Sumarno or Guy Goyard

Chenavari Investment Managers

Email: tlir@chenavari.com

Telephone: +44 20 7259 3600