Performance Attribution Call

Toro Limited (the Company)

9 January 2017

Performance Attribution Call

Chenavari Investment Managers will be holding the next performance attribution call for all of the Company's investors to discuss the following points:

· Market Review

· 4th Quarter 2016 Activity & Key Drivers of Performance

· Outlook & Pipeline

The call will take place on 24th January at 2pm UK Time with Benoit Pellegrini, Senior Portfolio Manager.

Please note that this will be a closed/structured call. Please register your interest in joining the call by emailing tlir@chenavari.com no later than close of business on 17 January 2017. Attendance will be limited to professional investors only. Participants with questions they wish to be covered during the call should send them to tlir@chenavari.com a week in advance and the portfolio manager will endeavour to respond to them. The dial in details will be provided to registered participants ahead of the call.

Further information in relation to the Company is available at:

http://www.torolimited.gg/

Enquiries:

Kirstie Sumarno

Chenavari Investment Managers

Email: tlir@chenavari.com

Telephone: +44 20 7259 3600