Menhaden Capital PLC (the "Company")                      

               Listing Rule 15.5.1 (4) - Transactions in a Close Period            

    In accordance with Listing Rule 15.5.1 (4), the Directors of the Company
    confirm that they are satisfied that all inside information relating to the
    Company up until the date of this notice has been notified to a Regulated
    Information Service ("RIS") and that any further inside information leading up
    to the announcement of the final results for the year ended 31 December 2015
    will be notified to a RIS.

    The Company and persons discharging managerial responsibilities for the Company
    are therefore exempt during the close period from the provisions of the Model
    Code in respect of dealings in the Company's own securities. If, in the period
    leading up to the announcement of the final results, the Directors of the
    Company or any person discharging managerial responsibilities come into
    possession of any inside information, this will be notified to a RIS before any
    such transactions are undertaken.

    The close period to which this notification relates is in respect of the year
    ended 31 December 2015.

    Frostrow Capital LLP

    Company Secretary

    13 January 2016