Transaction in Own Shares

Toro Limited (the Company)

25 January 2017

Transaction in Own Shares

The Company announces that on 24 January 2017 it purchased 650,000 ordinary shares at a price of €0.86 per share.

The shares purchased will be held in treasury.

Following the transaction the remaining shares in issue total 361,450,000 (unchanged), of which 13,146,953 shares are held in treasury. Shares held in treasury carry no voting rights therefore, the total number of voting rights in the Company will be 348,303,047. This figure may be used by shareholders and other investors as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

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