Notification of transaction

Menhaden Capital PLC

(the "Company")

Notification and public disclosure of transaction

Menhaden Capital PLC has been notified that on 9 August 2017, Luciano Suana, Partner of Menhaden Capital Management LLP, purchased 75,000 Ordinary shares of £0.01 each in the Company (the "Ordinary Shares") at a price of 65 pence per share.

As a result of the transaction, Mr Suana holds a total of 419,850 Ordinary Shares, representing an aggregate 0.5% of the Company's issued share capital.

The partners of Menhaden Capital Management LLP have been seconded to the Company’s AIFM, Frostrow Capital LLP, and together form the Investment Committee, which makes all investment and divestment decisions in respect of the Company.

LEI: 2138004NTCUZTHFWXS17

For further information:

Katherine Manson

Frostrow Capital LLP

Company Secretary

0203 709 8734