Net Asset Value(s)

MENHADEN CAPITAL PLC

NET ASSET VALUE

The estimated un-audited net asset values for Menhaden Capital PLC, calculated in accordance with the guidelines of the Association of Investment Companies, at the close of business on 31 March 2018 were 88.06p (ex-income) and 88.02p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

10 April 2018