Issue of Shares to Directors & Others

Noventa Limited

("Noventa" or the "Company")

Issue of Shares to Directors & Others

21 April 2011

The Company has today issued 13,336 ordinary 0.8p shares ("Ordinary Shares") at a price of 237.70 pence per share to certain members of the board of directors of Noventa ("Directors") and to other persons supplying consultancy services to the Company who have elected to receive a proportion of their remuneration from Noventa in the form of new Ordinary Shares (the "Remuneration Shares"). These payments are calculated quarterly and the Remuneration Shares are issued at a price equivalent to the average of the closing mid-market price for the 30 days prior to the end of the quarter. Of the Remuneration Shares, the following were issued to Directors of the Company for the quarter ending 31 March 2011:

The Company has also issued 5,335 Ordinary Shares at 229.35 pence per share (based on the closing mid-market price on their contract date of 23 March 2011) to a member of staff as a bonus (the "Bonus Shares").

The following table sets out details of Director's Shareholdings (as defined in the AIM Rules) of the Company following the issue of the Remuneration Shares and the Bonus Shares.

* These shares are held by Barons Financial Services Limited, a company in which Mr. Kohn has a beneficial interest.

** These shares are held by Ekasure Limited, a company in which Mr. Allan has a beneficial interest

*** Mr. Chung ceased to be a Director on 11 April 2011, but this issue of Remuneration Shares related to the period when he was a Director.

The following table sets out details of Significant Shareholders (as defined in the AIM Rules) of the Company, to the extent that the Company is aware, following the issue of the Remuneration Shares and the Bonus Shares.

# Highland African Ventures Limited is owned by a trust whose trustee is Fleming Family & Partners Liechtenstein and Mr. R J Fleming is one of the potential beneficiaries. Fleming Family & Partners Liechtenstein has a total interest, including through Highland African Ventures Limited, in a total of 4,460,156 shares (17.01% of the issued shares). Mr. R J Fleming has an interest, including through Highland African Ventures Limited, in a total of 4,260,443 shares (16.25% of the issued shares).

An application has been made to admit the Remuneration Shares and the Bonus Shares to trading on AIM, with trading expected to commence on 28 April 2011. The Remuneration Shares and Bonus Shares will also commence trading on the PLUS Quoted Market on 28 April 2011.

Following admission to trading of the Remuneration Shares and the Bonus Shares, the Company will have 26,213,280 Ordinary Shares in issue. The Company also has 2,822,290 convertible redeemable £1 preference shares ("CPS") in issue. The Company does not hold any Ordinary Shares or CPS in treasury.

For further information please contact:

Eric F. Kohn TD

Chairman

Noventa Limited

+41 22 8500560

+41 79 5030150

www.noventa.net

Nick Harriss/Emily Staples

Religare Capital Markets (Nomad and PLUS Corporate Adviser)

+44 20 7444 0800

Andrew Chubb/Kit Stephenson

Canaccord Genuity Limited (Broker)+44 20 7050 6500

Daniel BriggsReligare Capital Markets (Broker)+44 20 7444 0500

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained or incorporated by reference in this release, including any information as to the Noventa's strategy, projects, plans, prospects, future outlook, anticipated events or results or future financial or operating performance, constitutes "forward-looking statements" within the meaning of Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements can often, but not always, be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "predicts", "potential", "continue" or "believes", or variations (including negative variations) of such words; or statements that certain actions, events or results "may", "could", "would", "should", "might", "potential to", or "will" be taken, occur or be achieved or other similar expressions concerning matters that are not historical facts. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made or incorporated in this press release are qualified by these cautionary statements.

Forward-looking statements are necessarily based on a number of factors, estimates and assumptions that, while considered reasonable by Noventa as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are also cautioned that forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Noventa to differ materially from those expressed or implied in the forward-looking statements. Certain of these risks and uncertainties are described in more detail in Noventa's Annual Information Form dated March 15, 2010, which is available on SEDAR at www.sedar.com.

Although Noventa has attempted to identify statements containing important factors that could cause actual actions, event or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this document based on the opinions and estimates of management on the date statements containing such forward looking information are made, and Noventa disclaims any obligation to update any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information.