Stone Harbor Emerging Markets Income Fund Declares Monthly Distributions of $0.18 Per Share

Stone Harbor Emerging Markets Income Fund (“the Fund”), which is
traded on the New York Stock Exchange under the symbol “EDF”, announced
the declaration of monthly distributions of $0.18 per common share,
payable on the dates noted below. Based on the Fund’s current share
price of $12.33 and net asset value per share of $ 10.60 (as of close on
January 22, 2019), the distributions represent an annualized
distribution rate of 17.52% and 20.38% respectively.

The following dates apply to the distributions declared:

This press release is not for tax reporting purposes but is being
provided to announce the amount of the Fund’s distributions that have
been declared by the Board of Directors. In early 2020, after definitive
information is available, the Fund will send shareholders a Form
1099-DIV, if applicable, specifying how the distributions paid by the
Fund during the prior calendar year should be characterized for purposes
of reporting the distributions on a shareholder’s tax return (e.g.,
ordinary income, long-term capital gain or return of capital).

The Fund is a non-diversified, closed-end management investment
company that is managed by Stone Harbor Investment Partners LP (“Stone
Harbor”). The Fund’s primary investment objective is to maximize total
return, which consists of income on its investments and capital
appreciation. There is no assurance that the Fund will achieve
its investment objective.

The Fund seeks to achieve its investment objective by investing at
least 80% of its net assets (plus borrowings for investment purposes) in
emerging markets securities (“the 80% policy”), which include fixed
income securities and other instruments, including derivatives, that are
economically tied to emerging market countries, that are denominated in
the predominant currency of the local market of an emerging market
country or whose performance is linked to those countries’ markets,
currencies, economies or ability to repay loans. A security or
instrument is economically tied to an emerging market country if it is
principally traded on the country’s securities markets or if the issuer
is organized or principally operates in the country, derives a majority
of its income from its operations within the country or has a majority
of its assets within the country.

Stone Harbor Investment Partners LP is a global institutional fixed
income investment manager, specializing in credit and asset allocation
strategies. The firm’s investment strategies are based on fundamental
insights, derived from a combination of proprietary research and the
in-depth knowledge and specialized experience of the firm’s team. Based
in New York, Stone Harbor employs approximately 140 people across its
headquarters and offices in Chicago, London, Melbourne and Singapore.
Founded in 2006, Stone Harbor is an employee-owned partnership with
approximately $26.3 billion of assets under management as of December
31, 2018. For more information, please visit Stone Harbor’s website at www.shiplp.com.

For more complete information, please call 877.206.0791 (toll-free)
or visit the Fund’s website - www.shiplpcef.com.

The Stone Harbor Emerging Markets Income Fund is a closed-end fund
and closed-end funds do not continuously issue shares for sale as
open-end mutual funds do. Since its initial public offering, the Fund
has traded on the New York Stock Exchange under the symbol EDF.
Investors wishing to buy or sell shares need to place orders through an
intermediary or broker.

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