Level 1

37 Ord Street

West Perth WA 6005

PO Box 1038

West Perth WA 6872

Tel: +61 8 9322 6677

Fax: +61 8 9322 1961

Email: [email protected]

1 April 2016

ASX MARKET ANNOUNCEMENT

MANHATTAN SHARE PURCHASE PLAN AND EQUITY RAISING

The Directors of Manhattan Corporation Limited ("Manhattan" or "the Company") are pleased to announce an equity raising by a planned private equity placement of up to $140,000 to six sophisticated and professional investors ("Investors") and a Share Purchase Plan ("SPP") to all shareholders targeting up to an additional $835,000 in equity funding, if shareholders subscribe for the maximum number of shares, equivalent to a take up of 30% of the Company's issue capital.

The Company's Directors and Company Secretary have indicated they intend to subscribe for New Shares under the SPP.

Funds raised will be applied towards exploration and development of its Ponton uranium project, to cover the costs of the capital raising and provide working capital.

The Directors have resolved to seek to raise up to $835,000 under the SPP. However, The Directors reserve the right to refuse applications in their sole discretion in whole or in part. The Directors intend to seek to place any SPP shortfall with sophisticated and professional investors (excluding related parties) subject to the Company's ability to do so under ASX Listing Rule 7.1.

Both the private placement to the Investors and the SPP shares are priced at Australian 2.5 cents ($0.025) a share.

Under the SPP, existing eligible shareholders who are registered as holders of shares in the Company at 4:00pm (WST) on Thursday, 31 March 2016 ("the Record Date") and whose registered address is in Australia or New Zealand ("Eligible Shareholder"), can apply for up to $15,000 worth of new fully paid ordinary shares in Manhattan ("New Shares"), free of all brokerage and commission costs, at 2.5 cents a New Share.

The Issue Price of 2.5 cents a New Share represents a discount of approximately 15% to the Volume Weighted Average Price ("VWAP") of 2.9 cents a share for the last 5 days on which sales in Manhattan's shares were recorded prior to the SPP being announced 1 April 2016 ("the Offer"). It also represents a discount of approximately 8% to the VWAP of 2.7 cents a share over the last 20 days on which sales in Manhattan's shares were recorded prior to the SPP announcement.

Manhattan will apply for quotation of the New Shares on ASX, which will rank equally in all respects with existing Manhattan fully paid ordinary shares. An indicative timetable is included in this ASX announcement.

Each Eligible Shareholder may participate by completing an Offer and Acceptance Form and subscribing for one of the following offers of New Shares:

2

Indicative SPP Timetable

The timetable is indicative only and Manhattan may, at its discretion, vary any of the above dates except for the Record Date.

Full details of the SPP and the final timetable will be set out in the SPP Offer document which will be dispatched to Eligible Shareholders on or around Monday 4 April 2016.

Yours sincerely

Manhattan Corporation Limited

Alan J Eggers

Executive Chairman