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 September 2019 were 112.06p (ex-income) and 112.54p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

3 October 2019