Dividend Declaration

Chenavari Toro Income Fund Limited (the Company)

20 April 2018

Dividend for the Quarter ended 31 March 2018

The Company is pleased to announce the payment of a dividend of EUR 0.02 per ordinary share for the period 1 January 2018 to 31 March 2018.

The dividend will be paid on 5 June 2018 to holders of ordinary shares recorded on the register as at close of business on 4 May 2018 with an ex-dividend date of 3 May 2018.

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 5 June 2018 is 17:00 on 21 May 2018. The Scrip Reference Price will be calculated and announced on or around 10 May 2018.

Further information in relation to the Company is available at:

http://www.chenavaritoroincomefund.com

Enquiries:

Kirstie Sumarno

Chenavari Investment Managers

Email: tlir@chenavari.com

Telephone: +44 20 7259 3600