Blue Energy : Resignation of Director

ASX ANNOUNCEMENT

10 November 2020

Retirement of Non-Executive Director

Blue Energy Limited (ASX:BLU or Company) advises that Non-Executive Director, Ms Karen Johnson has provided notice of her intention to retire as a Director of the Company due to other work commitments, and with effect from the end of the Annual General Meeting to be held today 10 November 2020.

Ms Johnson was appointed as a Director of the Company on 30 September 2011 and has served as the Chair of the Risk and Audit Committee since that time.

Blue Energy's Chairman John Ellice-Flint acknowledged Karen's many and wide ranging contributions to the Company said:

"Karen has contributed enormously to the Blue Energy Board, bringing her extensive accounting and audit expertise and rigor plus her business acumen to assist in navigating the Company through many at times, challenging issues. The Directors express their sincere gratitude to Karen for her sound and considered advice, and in particular, her hard work as Chair of the Risk and Audit Committee. We take this opportunity to publicly acknowledge her contribution and to wish Karen every success in the future."

Following Karen's departure, the role of Chair of the Risk and Audit Committee will be assumed by Mr Rodney Cameron who has been a member of that Committee since 2011.

By Authority of Board per:

John Phillips

Managing Director

Blue Energy Limited

e [e-mail]

ABN 14 054 800 378

w www.blueenergy.com.au