Notification of transaction

Menhaden Capital PLC

(the "Company")

Notification and public disclosure of transaction

The Company has been notified that on 5 October 2017, Luciano Suana, Partner of Menhaden Capital Management LLP, the Company’s Portfolio Manager, purchased 350,000 ordinary shares of £0.01 each in the Company ("Ordinary Shares") at a price of 66.5 pence per share.

As a result of the transaction, Mr Suana holds a total of 1,070,377 Ordinary Shares, representing an aggregate 1.3% of the Company's issued share capital.

For further information:

Katherine Manson

Frostrow Capital LLP

Company Secretary

0203 709 8734