Tender Price

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

CHENAVARI TORO INCOME FUND LIMITED (the "Company")22 January 2020

Tender Offer for up to 5 per cent. of the issued share capital of the Company (excluding any Shares currently held in treasury)Tender Price announcement

Further to the Tender Offer launched by the Company on 14 January 2020 ("the Tender Offer") the Company today announces that the Tender Price is EUR 0.8519.

The Tender Price has been determined by taking 85.0 per cent. of the 31 December 2019 NAV per Share, as described in the Circular.

Enquiries:

Chenavari Investment Managers: Guy Goyard - 020 7245 4672, Kirstie Sumarno - 020 7259 3600J.P. Morgan Cazenove: William Simmonds - 020 7742 4000