18 August 2017

                                 Menhaden Capital PLC                              

                                    (the "Company")                                

    Change to Portfolio Management Team

    The Board of the Company has been informed that Alexander Vavalidis has
    resigned as a partner of Menhaden Capital Management LLP.  Consequently his
    secondment to Frostrow Capital LLP, the Company's Alternative Investment Fund
    Manager, and his membership of the Investment Committee will cease with effect
    from 15 September 2017.

    Ben Goldsmith and Luciano Suana will continue to carry out the day to day
    portfolio management activities of the Company, identifying and presenting
    investment opportunities to the Investment Committee, which is chaired by
    Graham Thomas.  The Investment Committee makes all investment and divestment
    decisions in respect of the Company. Menhaden Capital Management LLP is
    actively recruiting to further strengthen the team.

    The Board would like to express their appreciation to Mr Vavalidis for his
    contribution since the Company's launch in July 2015.

     LEI: 2138004NTCUZTHFWXS17

    -ENDS-

    Katherine Manson

    Frostrow Capital LLP

    Company Secretary

    0203 709 8734