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 May 2020 were 113.34p (ex-income) and 113.20p (cum income).

For and on behalf of the Board
Frostrow Capital LLP
Secretary

5 June 2020