Publication of bioMSAR Test Results

1 September 2021

Quadrise Fuels International plc

("Quadrise", "QFI", the "Company" and together with its subsidiaries the "Group")

Publication of bioMSAR™ Test Results

Quadrise, the supplier of MSAR® and bioMSAR™ emulsion technology and fuels, which are low-cost, cleaner alternatives to heavy fuel oil and biofuels, is pleased to report that test results of bioMSAR™ on a medium speed 4-stroke Wärtsilä diesel engine at the VTT facility in Finland, confirming the results announced by the Company on 11 August 2021 when compared to conventional liquid fuels, are now available at: https://www.quadrisefuels.com/biomsar/references/.

bioMSAR™ Test Highlights:

• Engine efficiency was higher (up to 7%) than with marine diesel, increasing with engine load.

• Average calculated CO2 emissions were 26% lower than diesel on a life-cycle ("well-to-wake") basis, due to a combination of the 40% renewable glycerine content of bioMSAR™ and the higher engine efficiency.

• NOx emissions were lower than for prior HFO and MSAR® tests, and comparable to diesel, with further NOx optimisation possible.

• Smoke and particulate levels were very low, as were unburned hydrocarbons emissions, due to efficient fuel combustion.

• The existing diesel engine fuel pumps and injectors worked well with bioMSAR™.

The bioMSAR™ test utilised 5 tons of bioMSAR™ manufactured at the Quadrise Research Facility, formulated with the intention of achieving a 20% CO2 reduction and the results presented are in comparison to diesel at 75% load, which is a typical operating regime for a marine 4-stroke diesel (testing range of 50% to 90% load).

Further bioMSAR™ Testing at Aquafuel

As previously announced by the Company on 11 August 2021, further tests of bioMSAR™ are being conducted on our Cummins 4-stroke, high-speed diesel engine generating set to allow accurate performance monitoring, optimisation and measurements to be made. We expect the results of this testing at Aquafuel to be available by the end of September.

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