BLUGLASS LIMITED — Director's Dealing 2012

Dec 30, 2012

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11 Name of entity: Bluglass Limited ABN 20 116 825 793

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	George Venardos
Date of last notice	5 December 2012

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect – Via Super Fund and BluglassIncentive Option trust
Nature of indirect interest(including registered holder)Note: Provide details of the circumstancesgiving rise to the relevant interest.	Via Quinsuper Pty Ltd A/F VenardosSuperannuation Fund
Date of change	31 December 2012
No. of securities held prior to change	905,118 Fully Paid ORD300,000 Director Incentive Plan Optionsexpiring1May2013,$0.17exercise price, subject to vestingcriteria560,000 Incentive Options issued to BluglassIncentive Option Trust expiring 30November 2014, $Nil exerciseprice, subject to vesting criteria
Class	ORD

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Number acquired	75,000 – Participation in SPP
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$15,000
No. of securities held after change	980,118 Fully Paid ORD300,000 Director Incentive Plan Optionsexpiring 1 May 2013, $0.17exercise price, subject to vestingcriteria560,000 Incentive Options issued toBluglass Incentive Option Trustexpiring 30 November 2014, $Nilexercise price, subject to vestingcriteria
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy-back	As a result of participation in ShareholderPurchase Plan

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

==> picture [434 x 248] intentionally omitted <==

----- Start of picture text ----- Detail of contractNature of interestName of registered holder(if issued securities)Date of changeNo. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changedInterest acquiredInterest disposed----- End of picture text -----

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailed	No
above traded during a+closed period where prior written
**clearance was required? **
If so, was prior written clearance provided to allow the trade	N/A
to proceed during this period?
If prior written clearance was provided, on what date was
this provided?

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3