Annex DTR3

    Notification of Transactions of Directors/Persons Discharging Managerial
    Responsibility and Connected Persons

    All relevant boxes should be completed in block capital letters.

    1.  Name of the issuer                         2.  State whether the notification relates to 
                                                       (i) a                                     
                                                       transaction notified in accordance with   
                                                       DTR 3.1.2 R,                              
                                                       (ii) a disclosure made in accordance      
                                                       LR 9.8.6R(1) or                           
                                                       (iii) a disclosure made in accordance with
                                                       section 793 of the Companies Act (2006).  
                                                                                                 
        Menhaden Capital PLC                           DTR 3.1.2 R                               
                                                                                                 
    3.  Name of person discharging managerial      4.  State whether notification relates to a   
        responsibilities/director                      person                                    
                                                       connected with a person discharging       
                                                       managerial responsibilities/director named
                                                       in 3 and identify the connected person    
                                                                                                 
        Sir Ian Cheshire                               N/A                                       
                                                                                                 
    5.  Indicate whether the notification is in    6.  Description of shares (including class),  
        respect of a holding of the person             debentures or derivatives or financial    
        referred to in 3 or 4 above or in respect      instruments relating to shares            
        of a nonbeneficial                                                                       
        interest 1                                                                               
                                                                                                 
        The notification is in respect of Sir Ian      Ordinary shares of 1p nominal value each  
        Cheshire.                                                                                
                                                                                                 
    7.  Name of registered shareholders(s) and, if 8.  State the nature of the transaction       
        more than one, the number of shares held                                                 
        by each of them                                                                          
                                                                                                 
                                                                                                 
        Not stated                                     Acquisition                               
                                                                                                 
    9.  Number of shares, debentures or financial  10. Percentage of issued class acquired       
        instruments relating to shares acquired        (treasury shares of that class should not 
                                                       be taken into account when calculating    
                                                       percentage)                               
                                                                                                 
                                                                                                 
        20,000                                         0.025%                                    
                                                                                                 
    11. Number of shares, debentures or financial  12. Percentage of issued class disposed       
        instruments relating to shares disposed        (treasury shares of that class should not 
                                                       be taken into account when calculating    
                                                       percentage)                               
                                                                                                 
                                                                                                 
        N/A                                            N/A                                       
                                                                                                 
    13. Price per share or value of transaction    14. Date and place of transaction             
                                                                                                 
                                                                                                 
        £0.663 per share                               London, 14 January 2016                   
                                                                                                 
    15. Total holding following notification and   16. Date issuer informed of transaction       
        total percentage holding following                                                       
        notification (any treasury shares should                                                 
        not be taken into account when calculating                                               
        percentage)                                                                              
                                                                                                 
        45,000 Ordinary Shares = 0.06% of the          14 January 2016                           
        issued share capital of the Company.                                                     

       

    Name of authorised official of issuer responsible for making           
    notification                                                           
                                                                           
    Katherine Manson                                                       
    Frostrow Capital LLP                                                   
    Company Secretary                                                      
                                                                           
    Date of notification       15 January 2016                             

    Notes:  This form is intended for use by an issuer to make a RIS notification
    required by DR 3.3.

    (1)  An issuer making a notification in respect of a transaction       
         relating to the shares or debentures of the issuer should complete
         boxes 1 to 16, 23 and 24.                                         
                                                                           
    (2)  An issuer making a notification in respect of a derivative        
         relating the shares of the issuer should complete boxes 1 to 4, 6,
         8, 13, 14, 16, 23 and 24.                                         
                                                                           
    (3)  An issuer making a notification in respect of options granted to a
         director/person discharging managerial responsibilities should    
         complete boxes 1 to 3 and 17 to 24.                               
                                                                           
    (4)  An issuer making a notification in respect of a financial         
         instrument relating to the shares of the issuer (other than a     
         debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 
         23 and 24.