Notification of Transaction

Menhaden PLC

(the "Company")

Notification and public disclosure of transaction

Menhaden PLC has been notified that on Wednesday, 20^th November 2019, the following purchases of ordinary shares of 1p each in the Company (“Ordinary Shares”) were made by Menhaden Capital Management LLP, the Company’s Portfolio Manager, and members of its Investment Committee:

Purchaser	Number of Ordinary Shares	Price per Ordinary Share
Menhaden Capital Management LLP	100,000	78.234p
Luciano Suana	200,000	78.234p
Graham Thomas	200,000	78.234p

Parties related to Ben Goldsmith purchased 1,998,832 Ordinary Shares at the same price, as part of the same transaction.

As a result of the transaction, the total holdings of the Portfolio Manager and the members of its Investment Committee are:

Name	Number of Ordinary Shares	Percentage of the Company’s Issued Share Capital
Menhaden Capital Management LLP	100,000	0.1%
Luciano Suana	1,518,239	1.9%
Graham Thomas	410,370	0.5%

Mr Goldsmith has interests in a total of 1,160,300 Ordinary Shares (1.45% of the Company’s issued share capital) and Mr Goldsmith’s family investment group holds a total of 15,185,000 Ordinary Shares (18.98% of the Company’s issued share capital).

Ben Goldsmith, Luciano Suana and Graham Thomas form the Investment Committee of Menhaden Capital Management LLP.

Enquiries:

Katherine Manson

Frostrow Capital LLP

Company Secretary

020 3709 8734