Net Asset Value(s)

MENHADEN CAPITAL PLC

NET ASSET VALUE

The estimated un-audited net asset value per share for Menhaden Capital PLC, calculated in accordance with the guidelines of the Association of Investment Companies, at the close of business on 30 September 2018 were 95.97p (ex income) and 96.68p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

8 October 2018