Net Asset Value(s)

MENHADEN RESOURCE EFFICIENCY PLC

LEI: 2138004NTCUZTHFWXS17

NET ASSET VALUE

The estimated un-audited net asset value per share for Menhaden Resource Efficiency PLC, calculated in accordance with the guidelines of the Association of Investment Companies, at the close of business on 18 March 2025 was 173.17p (cum income).

Due to the contingent nature, the potential costs of £0.9m relating to the wind up of the Company have not been reflected in the reported NAV.

For and on behalf of the Board

Frostrow Capital LLP

Secretary

19 March 2025