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SUBSTANTIAL SHAREHOLDINGS

As at 31 December 2008, the following interests in the ordinary shares of Noventa represented more than 3% of the ordinary shares in issue:

Shareholder: Number of shares % holding
Highland African Ventures 14,488,593 36.73%
BlackRock Investment Management 6,382,307 16.18%
Varroville Finance 2,638,830 6.69%
Kerias Management Trading 2,025,581 5.13%
Lochside International 1,765,415 4.48%
Noventa EBT 1,743,928 4.42%
Metage Capital 1,616,716 4.10%
Investec Trust (Guernsey) 1,229,235 3.12%

Fresh water dam