DEVELOP GLOBAL LIMITED — Major Shareholding Notification 2008

Jun 2, 2008

3 June 2008

The Directors Jutt Holdings Limited Suite 1, 1233 High St ARMADALE, VIC 3143 Company Announcements Office Australian Stock Exchange Limited Level 4, 20 Bridge St SYDNEY NSW 2000

NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER JUTT HOLDINGS LIMITED

In accordance with section 671B of the Corporations Act 2001, we enclose a notice of change of interests of substantial holder for Jutt Holdings Limited.

Yours faithfully ARGONAUT LIMITED

ON CAMPBELL Company Secretary

Level 30, Allendale Square, 77 St George's Terrace, Perth WA 6000 GPO Box 2553, Perth WA 6001 Telephone 08 9224 6888 Facsimile 08 9225 5511 www.argonautlimited.com

Form 604

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

Argonaut Limited

Jutt Holdings Limited

To:

122 180 205

ACN:

ACN:

1. Details of substantial holder (1)

Name:

109 326 418

There was a change in the interests of the substantial holder on 30 May 2008.

The previous notice was given to the company on 29 April 2008.

The previous notice was dated 29 April 2008.

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting Power (5)	Person's votes	Voting power (5)
Ordinary Shares	2,916,668	5.97%	6,490,167	9.96%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company, since the substantial holder was last required to give a substantial holding notice to the company are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
30/05/2008	Argonaut Equity Partners Pty Limited	Acquisition of Shares under entitlements issue shortfall	\$120,802.26	FPO 2,013,371	2,013,371

30/05/2008	AFM Perseus Fund Limited	Acquisition of shares under entitlements issue shortfall	\$36,874.32	FPO 614,572	614,572
12/05/2008	Argonaut Equity Partners Pty Limited	Acquisition of shares under entitlements issue	\$40,066.68	FPO 667,778	667,778
12/05/2008	AFM Perseus Fund Limited	Acquisition of shares under entitlements issue	\$16,666.68	FPO 277,778	277,778

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Persons entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
Argonaut Equity Partners Pty Limited	Argonaut Eauity Partners Pty Limited	Argonaut Equity Partners Pty Limited	Note 1	FPO 4,764,483	4,764,483
AFM Perseus Fund Limited	AFM Perseus Fund Limited	AFM Perseus Fund Limited	Note 2	FPO 1,725,684	1,725,684

• Note 1: Argonaut Limited is the controlling body corporate of Argonaut Equity Partners Pty Limited within the definition of S608 of the Corporations Act.
• Note 2: Argonaut Limited is the controlling body corporate of AFM Zeus Pty Limited which manages the AFM Perseus Fund Limited within the definition of S608 of the Corporations Act.

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company are as follows: NIL

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Argonaut Limited	Level 30 Allendale Square, 77 St Georges Terrace, PERTH WA 6000
Argonaut Equity Partners Pty Limited	Level 30 Allendale Square, 77 St Georges Terrace, PERTH WA 6000
AFM Perseus Fund Limited	Level 30 Allendale Square, 77 St Georges Terrace, PERTH WA 6000

name:

Jason Campbell

capacity:

sign here:

date:

Company Secretary 03/06/2008