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Stone Harbor Emerging Markets Income Fund


On February 28, 2019, the Stone Harbor Emerging Markets Income Fund (NYSE: EDF) (the Fund), a closed-end fund, will pay a monthly distribution on its common stock of $0.18 per share to shareholders of record at the close of business on February 15, 2019. The Fund, acting in accordance with an exemptive order received from the Securities and Exchange Commission and with approval of its Board of Trustees, adopted a managed distribution policy under which the Fund may utilize capital gains, where applicable, as part of regular monthly cash distributions to its shareholders. This policy gives the Fund greater flexibility to realize capital gains and to distribute those gains to shareholders.

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated in the table. In addition, the table shows the percentages of the total distribution amount per share attributable to (i) net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

Current Distribution from:                
Per Share ($) %
Net Investment Income 0.0816 45.33%
Net Realized Short-Term Capital Gains 0.0000 0.00%
Net Realized Long-Term Capital Gains 0.0000 0.00%
Return of Capital or other Capital Source 0.0984 54.67%
Total (per common share) 0.1800 100.00%
Fiscal Year-to-Date Cumulative

Distributions from1:


Per Share ($) %
Net Investment Income 0.2930 54.26%
Net Realized Short-Term Capital Gains 0.0000 0.00%
Net Realized Long-Term Capital Gains 0.0000 0.00%
Return of Capital or other Capital Source 0.2470 45.74%
Total (per common share) 0.5400 100.00%

1 The Funds fiscal year is December 1 to November 30. Information shown is for the period beginning December 1, 2018.

Shareholders should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds managed distribution policy.

The Fund estimates that it has distributed more than its income and net realized capital gains, therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with ˜yield or ˜income.

The amounts and sources of distributions reported in this 19(a) Notice are only estimates, may change over time and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Presented below are return figures, based on the change in the Funds Net Asset Value per share (NAV), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to distribution declaration date.

Fund Performance & Distribution Information

Annualized Distribution Rate as a Percentage of NAV^       19.67%
Cumulative Distribution Rate as a Percentage of NAV*       4.92%
Cumulative Total Return as a Percentage of NAV**       7.10%
Average Annual Total Return***       4.65%

^ Based on the Funds NAV as of January 31, 2019 and the February 28, 2019 distribution.

* Based on the Funds NAV as of January 31, 2019 and includes distributions through February 28, 2019.

** Cumulative Total Return is the percentage change in the Funds NAV including distributions paid and assuming reinvestment of these distributions for the period December 1, 2018 through January 31, 2019.

*** Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending January 31, 2019. Annual NAV Total Return is the percentage change in the Funds NAV over a year including distributions paid and assuming reinvestment of these distributions.

While the NAV performance may be indicative of the Funds investment performance, it does not measure the value of a shareholders investment in the Fund. The value of a shareholders investment in the Fund is determined by the Funds market price, which is based on the supply and demand for the Funds shares in the open market.

The Funds Board of Trustees reviews the amount of any distributions made pursuant to the Funds distribution policy and considers the income earned and capital gain realized by the Fund, as well as the Funds available capital. The Board of Trustees will continue to monitor the Funds distribution level, taking into consideration, among other things, the Funds net asset value and market conditions. The Funds distribution policy is subject to modification, suspension or termination by the Board of Trustees at any time, which could have an adverse effect on the market price of the Funds shares. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

Stone Harbor Emerging Markets Income Fund
John Dispigno,

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