Transfer of Treasury Shares

Chenavari Toro Income Fund Limited (the Company)

26 April 2018

Transaction in Own Shares

 The Company has arranged for the transfer of 1,950,904 shares from treasury to Chenavari Investment Managers Holdings, as nominee of Chenavari Credit Partners LLP, pursuant to the performance fee provisions of the portfolio management agreement dated 28 April 2015 between, inter alia, the Company and Chenavari Credit Partners LLP.

Settlement of the transfer is expected to occur on 26 April 2018.

Following the transaction the remaining shares in issue total 361,450,000 (unchanged), of which 34,552,773 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 326,897,227. 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:

https://www.chenavaritoroincomefund.com/

Enquiries:

Kirstie Sumarno

Chenavari Investment Managers

Email: tlir@chenavari.com

Telephone: +44 20 7259 3600