DEVELOP GLOBAL LIMITED — Capital/Financing Update 2007

Apr 25, 2007

24 April 2007

Australian Stock Exchange Limited Level 45, Rialto South Tower 525 Collins Street Melbourne VIC 3000

Dear Julia

JUTT HOLDINGS LIMITED INITIAL PUBLIC OFFER (FULLY SUBSCRIBED) STATEMENT OF COMMITMENTS

This is to confirm that the offer to subscribe for ordinary securities in the issued capital of Jutt Holdings Limited under its prospectus dated 28 February 2007 was fully subscribed. The total funds raised were \$4 million. Given that the offer was fully subscribed, Jutt Holdings Limited confirms that it will apply the funds raised pursuant to the use of funds and budgets and work programs as set out in section 1.5 and section 3 of the Prospectus respectively.

Yours sincerely

AYAZ KHAN

Managing Director

ł

$\sim$

$\omega = \omega$