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 December 2016 were 87.57p (ex-income) and 87.47p (cum income).

For and on behalf of the Board
Frostrow Capital LLP
Secretary

10 January 2017