THIS ANNOUNCEMENT REPLACES ANNOUNCEMENT 6304P RELEASED ON 21 JUNE 2022 AT 5.00 PM.  THE EARLIER ANNOUNCEMENT INCORRECTLY RECORDED THE FIGURES RELATING TO THE SCRIP ELECTIONS RECEIVED IN RESPECT OF THE 31 MARCH 2022 SCRIP DIVIDEND AS 935,958 BUT SHOULD HAVE STATED 935,598. IT INCORRECTLY RECORDED THE SHARES HELD IN TREASURY AS 55,056,752 BUT SHOULD HAVE STATED 55,067,112. THEREFORE, THE TOTAL VOTING RIGHTS IS 306,382,888.

Chenavari Toro Income Fund Limited (the Company)

7 September 2022

Shares in Issue

The Company announces that following the Scrip Elections received in respect of the 31 March 2022 Scrip Dividend, totalling 935,598 shares, the remaining shares in issue total 361,450,000 (unchanged), of which 55,067,112 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 306,382,888. 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.chenavaritoroincomefund.com

Enquiries:

Guy Goyard

Chenavari Investment Managers

Email: [email protected]

Telephone: +44 20 7259 3600