Menhaden Re Plc Regulatory News (MHN)

15 July 2025

Menhaden Resource Efficiency PLC (in Members Voluntary Liquidation)

(the "Company")

LEI: 2138004NTCUZTHFWXS17

Liquidation Update

Further to the liquidation of the Company on 25 March 2025 and the announcements on 9 April 2025, 13 May 2025 and 29 May 2025, the Joint Liquidators of the Company are providing a further update on the liquidation of the Company, the sale of the unlisted investments and future distributions.

Terms used in this announcement have the same meaning as those set out in the circular to shareholders dated 28 February 2025 ("the Circular").

Further to the announcement on 29 May 2025, the Joint Liquidators wish to advise shareholders that the Company's holdings of TCI Real Estate Partners Fund III Limited and TCI Real Estate Partners Fund IV Limited have been realised in full achieving net sale proceeds of approximately £9.5 million.

At this stage, the Joint Liquidators are continuing with negotiations with interested parties to sell the Company's remaining 2 unlisted investments and the potential purchasers have indicated that the sales, if agreed, are hoped to complete at the end of July 2025.

The Joint Liquidators do not propose to release any further information at this stage in relation to these potential realisations in order to protect the Company's position as negotiations continue in respect of the Company's unlisted investments.

In light of the potential realisation of the remaining unlisted investments within a relatively short period, the Joint Liquidators are postponing the announcement of a third distribution. A further announcement will be made to Shareholders by 8 August 2025 and will include an update on the timing and amount of the third distribution to shareholders.

As announced on 29 May 2025, the Joint Liquidators currently estimate that the total return to shareholders in the liquidation, including the distributions made on 15 May 2025 and 4 June 2025 which in aggregate totalled £1.02 per Ordinary Share, should be at least £1.60 per Ordinary Share.

Joint Liquidators:

Derek Hyslop and

Richard Barker

Ernst & Young LLP

1 More London Place

London SE1 2AF

Enquiries: MHN@parthenon.ey.com