Net Asset Value(s)

MENHADEN PLC

NET ASSET VALUE

The estimated un-audited net asset values for Menhaden PLC, calculated in accordance with the guidelines of the Association of Investment Companies, at the close of business on 30 April 2019 were 101.04p (ex-income) and 101.17p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

7 May 2019