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Menhaden Resource Efficiency Plc - Portfolio Update

20 November 2023

Menhaden Resource Efficiency PLC

(the “Company”)

LEI: 2138004NTCUZTHFWXS17

Portfolio Update

Following the completion of KKR's sale of its remaining 50% stake in X-Elio, the Company received a final distribution of USD 16.9 million. The investment delivered an aggregate return on invested capital of 2.15x in USD and 2.6x in GBP to the Company, and demonstrates the value of the Company’s ability to partner with leading global private equity firms.

The Company is actively evaluating new private equity opportunities. In the interim, the proceeds will be largely deployed in the existing public equity portfolio.

Frostrow Capital LLP
Company Secretary