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 31 January 2019 were 92.98p (ex-income) and 93.81p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

5 February 2019

UK 100

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