DEVELOP GLOBAL LIMITED — Capital/Financing Update 2008

Dec 30, 2008

ABN 28 122 180 205

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31 December 2008

Dear Shareholder

As reported on 14 November 2008, the Board of Jutt Holdings Limited (“Company”) recently completed a review of the Company’s activities and strategic direction. As a result, the Company has withdrawn from noncore joint ventures, cut its corporate costs by 50% and reduced the Board to three Directors.

The Company has agreed with Liberty Mining Corporation Pty Ltd to revoke the exercise of the Company’s option to acquire an additional 20% interest in the Liberty-Indee base metals project. It is a term of that agreement that the Company raise $900,000 by 31 January 2009. To date, the Company has secured $500,000 through converting loans which, subject to the approval of Shareholders at a General Meeting to be convened on 12 January 2009, will convert into fully paid ordinary shares at the price of $0.01 per share.

The Company plans to raise up to a further $690,370 through the accompanying Entitlement Issue Prospectus for the offer of one (1) new share for every one (1) share currently held at an issue price of $0.01 per share (the “Offer”). Argonaut Securities Pty Ltd has agreed to place any shortfall under the Offer on a “reasonable endeavours” basis.

Where the Company raises less than $400,000 under the Offer, the Company will be required to raise funds from additional sources in order to meet its obligations under its agreement with Liberty Mining Corporation Pty Ltd to revoke the exercise of the Company’s option at the Liberty-Indee project. To ensure that the minimum capital raising target is achieved, your Directors, subject to the approval of Shareholders at the general meeting on 12 January 2009, have offered to take-up part of any shortfall under the Offer.

In order for the Company to fulfil its obligations to Liberty Mining Corporation Pty Ltd and to grow Shareholder value, the Directors encourage you to:

• support the entitlement issue; and

• approve the conversion of the $500,000 loan to shares (as described in the Notice of Meeting recently despatched to Shareholders).

Where Shareholders fail to approve the resolutions to be considered at the general meeting, or where sufficient funds are not raised under the Offer, the Company will be required to repay the loan funds within six (6) months from the date of execution of the converting loans, and source additional funds in order to meet its obligations to Liberty Mining Corporation Pty Ltd as well, as to meet its general working capital requirements.

I encourage Shareholders to read the attached Prospectus carefully as it contains detailed information about the Company and the risks associated with an investment in the Company. If you have any queries in relation to the Offer, please contact your financial adviser, accountant or stockbroker.

With zero debt, a low cost structure and sufficient cash reserves, the Company will be well positioned to undertake further drilling at the promising 70% owned Liberty-Indee base metals project, as well as evaluate numerous emerging investment opportunities in the resources sector.

Thank you for your continued support.

Yours sincerely

Dr Allan Trench Chairman

Registered & Principal Office

Level 1, 35 Richardson Street, West Perth WA 6005 PO Box 863, West Perth WA 6872

Tel: +61 8 6424 9188 Fax: +61 8 9463 7836

www.juttholdings.com Email: admin@juttholdings.com