MHN Menhaden Resource Efficiency Plc

MENHADEN CAPITAL PLC

NET ASSET VALUE

The estimated un-audited net asset values for Menhaden Capital PLC, calculated in accordance with the guidelines of the Association of Investment Companies, at the close of business on 31 October 2017 were 90.40p (ex-income) and 90.49p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

7 November 2017