DEVELOP GLOBAL LIMITED — Capital/Financing Update 2008

Oct 15, 2008

ASX ANNOUNCEMENT 1 6 October 2008 ASX Code: JUT

==> picture [191 x 73] intentionally omitted <==

CANCE L LATION OF 1:3 N O N- RENOU N CEABLE RIGHTS ISSUE

The recent volatility in ca p ital markets has resulted in an insign i ficant take up of the current 1:3 non-re n ounceable rights issue and the te r mination of the Underwriting Agreement (announced on 7 October 2008). The Board has decided to cancel the righ t s issue and return subscription monie s to applicants.

Alternative capital raising arrangements are currently being put in place to raise funds for additional worki n g capital and continued exploration w o rk.

The Company is currently in voluntary suspension, and will rem a in in suspension, pending the announceme n t of the new capital raising details.

TIM SUGDEN Managing Director

For further information contact : Jutt Holdings Limited ABN: 28 122 180 205 Charles Morgan Tim Sugden T: + 6 1 8 6424 9188 Chairman Managing Director M: 0412 152 534 M: 0407 085 032 ww w .juttholdings.com E: cmorgan@seaspin.com.au E: tim.sugden@juttholdings.com admin@juttholdings.com