Notification of Transaction

Menhaden PLC

(the "Company")

Notification and public disclosure of transaction

The Company has been notified that on 24 July 2019, Luciano Suana, Partner of Menhaden Capital Management LLP, the Company’s Portfolio Manager, purchased 145,640 ordinary shares of £0.01 each in the Company ("Ordinary Shares") at a price of 80.5 pence per share.

As a result of the transaction, Mr Suana holds a total of 1,318,239 Ordinary Shares, representing an aggregate 1.6% of the Company's issued share capital.

For further information:

Katherine Manson

Frostrow Capital LLP

Company Secretary

020 3709 8734