Net Asset Value(s)

London, 5 February 2016

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 January 2016 were 80.18p (ex income) and 80.17p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

5 February 2016

UK 100

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