DEVELOP GLOBAL LIMITED — Major Shareholding Notification 2008

Apr 29, 2008

30 April 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 INITIAL SUBSTANTIAL HOLDER JUTT HOLDINGS LIMITED

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

Yours faithfully ARGONAUT LIMITED

ON CAMPBELI 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 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

To:	Jutt Holdings Limited
ACN:	122 180 205

1. Details of substantial holder (1)

Name:	Argonaut Limited
ACN:	109 326 418

The holder became a substantial holder on 28/04/2008

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities	Number of securities Persons votes (5)		Voting power (6)
Fully Paid Ordinary Shares (FPO)	2,916,668	2,916,668	5.97%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial bolder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
Argonaut Limited	Taken under S608(1)(b) has the power to exercise, or control the exercise of, a right to vote attached to the securities and has the power to dispose of, or control the exercise of power to dispose of, the securities	FPO 2,916,668

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of	Registered holder of	Persons entitled to be	Class and number
relevant interest	securities	registered as holder (8)	of securities
Argonaut Equity Partners Pty Limited	Argonaut Equity Partners Pty Limited	Argonaut Equity Partners Pty Limited	FPO 2.083,334
AFM Perseus	AFM Perseus Fund	AFM Perseus Fund	FPO 833,334
Fund Limited	Limited	Limited

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
		Cash	Non-cash
Argonaut Equity Partners Pty Limited	30/04/2008	\$6,400	NIL	FPO 80,000
Argonaut Equity Partners Pty Limited	29/04/2008	\$30,632	NIL	FPO 362,000
Argonaut Equity Partners Pty Limited	28/04/2008	\$4,502	NIL	FPO 58,000
Argonaut Equity Partners Pty Limited	22/04/2008	\$95,000	NIL	FPO 1,583,334
AFM Perseus Fund Limited	22/04/2008	\$50,000	NIL	FPO 833,334

$\epsilon = \pm$

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN	Nature of Association
Argonaut Equity Partners Pty Limited	Argonaut Limited is the controlling body corporate
ACN 128 423 843	of Argonaut Equity Partners Pty Limited
AFM Perseus Fund Limited ACN 087 023 612	Argonaut Limited is the controlling body corporate of AFM Perseus Fund Limited by way of management agreement.

7. 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

Signature

print name:

Jason Campbell

capacity:

sign here:

date:

Company Secretary 30/04/2008