Dividend Declaration - Updated

Chenavari Toro Income Fund Limited (the Company)

30 April 2020

Dividend for the Quarter ended 31 March 2020 - Updated

The Company is pleased to announce the payment of a dividend of EUR 0.015 per ordinary share for the period 1 January 2020 to 31 March 2020.

The dividend will be paid on 8 June 2020 to holders of ordinary shares recorded on the register as at close of business on 11 May 2020 with an ex-dividend date of 7 May 2020.

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 8 June 2020 is 17:00 on 21 May 2020. The Scrip Reference Price will be calculated and announced on or around 15 May 2020.

The Board and the Investment Manager recognize the importance of dividends for Shareholders. The Board will keep the Dividend Policy under close review and may adjust future dividends as the impact of the pandemic unfolds.

The current dislocation in credit markets could create investment opportunities. The Board is confident that the Company will be able to use its cash available to take advantage of these opportunities should they materialize.

Concurrently the Board believes it is prudent to suspend the next bi-annual tender, a mechanism that was put in place in February 2018. Shareholder value remains the priority of the Board who will keep under close review the evolution of the Company and the market opportunity set to assess the relevance of the future tenders.

Further information in relation to the Company is available at:

http://www.chenavaritoroincomefund.com

Enquiries:

Kirstie Sumarno / Guy Goyard

Chenavari Investment Managers

Email: [email protected]

Telephone: +44 20 7259 3600