Replacement Dividend Declaration

Chenavari Toro Income Fund Limited (the Company)

31 January 2018

Dividend for the Quarter ended 31 December 2017

This announcement replaces the previous announcement made by the Company under RNS Number 8457C at 7.00 a.m. on 25 January 2018. This replacement announcement includes a revised payment date for the dividend and details of the scrip alternative. All other details remain the same.

The Company is pleased to announce the payment of a dividend of EUR 0.02 per ordinary share for the period 1 October 2017 to 31 December 2017.

The dividend will be paid on 9 March 2018 to holders of ordinary shares recorded on the register as at close of business on 9 February 2018 with an ex-dividend date of 8 February 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 9 March 2018 is 17:00 on 23 February 2018. The Scrip Reference Price will be calculated and announced on 15 February 2018.

The Board continues to have confidence that the Company's performance can support the minimum dividend target of EUR 0.08 per ordinary share for at least the next 12 months.

Investors should note that the figures in relation to target dividends set out above are for illustrative purposes only and are not intended to be, and should not be taken as, a profit forecast or estimate.

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