Quadrise Plc confirmed the finalisation of results from bioMSAR? fuel testing completed in November 2023 (the "bioMSAR? Tests"), further to the Company's announcement of 27 November 2023.

The ultimate objective of the Company's bioMSAR? programme is to supply the marine and industrial fuel sectors with sustainable biofuels that are lower in cost, more efficient, safer yet simple to use, and which generate the fewest harmful emissions. The bioMSAR?

Tests were conducted using the Company's 40kW Cummins diesel engine installed at Aquafuel Research Limited ("Aquafuel"). Quadriseand biorefinery specialists, Vertoro BV ("Vertoro"), have been collaborating to develop a cost-effective supplement or alternative to glycerine in bioMSAR? fuel under the Joint Development Agreement ("JDA") announced by Quadrise on 21 September 2022.

ThebioMSAR? Testsconcluded in November were completed on blends ofbioMSAR? containing up to 40% of Vertoro's CSO?

as a replacement for renewable glycerine. When compared with conventional diesel fuel, the CSO? bioMSAR?demonstrated: Reductions of up to 25% in carbon dioxide ("CO2") emissions before engine efficiency savings are considered.

Additional engine efficiency improvements of 6-7% resulting in reduced fuel use, taking total CO2 reductions to over 30%, in line with previous bioMSAR? testing results. Reductions in NOx of around 30%, comparable with 20-45% seen during previous testing with bioMSAR?

on the same engine. Furthermore, a reduction in CO emissions of over 50% was measured, with negligible visible smoke. Based on these results, testing of the 40% CSO?

bioMSAR? and 40% glycerine-based bioMSAR? on a larger medium-speed Wartsila engine at VTT is scheduled in H1 2024.

This additional testing will be performed in parallel with testing of CSO? in bioMSAR? at levels above 40% at the Quadrise Research Facility ("QRF") and at Aquafuel.

In addition to the CSO? development programme described above, work is progressing under the JDA withBTG Bioliquids BV ("BTL") on pyrolysis sugars derived from biomass, and with other prospective partners who can supply C5/C6 sugars at commercial scale. Large scale adoption is a key customer requirement for marine and industrial applications and the ability to use water-soluble biomass sugars within the Company's unique oil-in-water emulsion fuels opens up access to abundant bio-energy waste resources.

Such waste material cannot otherwise be easily diverted into higher-value applications that use oil-based biofuels or oil-based emulsions. bioMSAR? with methyl esters: For the first time, Quadrise have tested blends of bioMSAR?

incorporating B30, a marine biofuel of 30% methyl esters blended with fuel oil, providing a new potential pathway to bioMSAR? Zero. B30 methyl esters are currently the most widely available marine biofuels.

Engine tests were carried out at Aquafuel to assess engine efficiency and emissions improvements. In this first phase of testing, bioMSAR? blends were made with up to 70% B30 and up to 40% glycerine respectively.

When compared to diesel, these blends demonstrated: Up to 40% well-to-wake CO2 reductions based on the carbon intensity of the components, before accounting for diesel engine efficiency savings. Enhanced diesel engine efficiency of 3-7% with a corresponding reduction in fuel costs, further reducing overall CO2 emissions by up to 45%. Reductions in NOx emissions of 43%-59% andCO savings of 58-76% with negligible visible smoke.

The successful results described above provide a pathway to further reduce the fossil fuel content of its emulsion blends using methyl esters. The next phase of testing will incorporate higher concentrations of waste-based methyl esters, and ultimately B100 combined with glycerine or biomass-derived sugars. The plan is to demonstrate a commercial bioMSAR?

Zero product well ahead of the Company's 2030 target. The biofuel samples are being supplied by a major trading company.