5 February 2021

Microsaic Systems plc

("Microsaic" or the "Company")

Directors' Interests and Award of Options and Warrants

Microsaic Systems plc (AIM: MSYS), the point-of-need mass spectrometry company, announces that, following Admission at 8.00 a.m. today of the new ordinary shares of 0.01 pence each ("Ordinary Shares") in connection with the fundraise announced on 19 January 2021, the Directors' shareholdings and percentage interests in the issued share capital of the Company will be as follows:

⁽¹⁾       Includes a subscription for 50,000,000 shares by a person closely associated with Gerard Brandon.

The Directors now hold an aggregate of 222,350,000 Ordinary Shares, representing 3.66 per cent. of the issued share capital of the Company.

Following Admission of the New Ordinary Shares today, and to incentivise the new Board and employees, the Company has awarded a total of 600,000,000 options ("New Options") and 525,000,000 warrants ("Director Warrants") to certain Directors, employees and a consultant, in each case to subscribe for the same number of Ordinary Shares of 0.01 pence each in the Company. The New Options and the Warrants all have an exercise price of 0.1 pence per Ordinary Share, being the Placing Price of the Transaction approved by shareholders at the General Meeting held on 4 February 2021.

As disclosed in the circular issued in connection with the fundraise, New Options have been awarded to Executive Directors as detailed below:

New Options totalling 225,000,000 were awarded to Executive Directors under Microsaic's existing share option schemes. The New Options will be exercisable at the exercise price of 0.1 pence for up to 5 years and are normally subject to a vesting condition that the Company's Ordinary Shares have traded at a volume weighted average price at or above a 50 per cent. premium to the exercise price for 20 consecutive business days at any time since the New Options were awarded. It has been agreed with Glenn Tracey and Bevan Metcalf that their existing options over 9,420,000 Ordinary Shares have been cancelled.

A further 375,000,000 New Options have been awarded to employees of the Company under Microsaic's EMI Share Option Scheme. The New Options will be exercisable at the exercise price of 0.1 pence for up to 5 years from 5 February 2021, but are not normally exercisable prior to 5 February 2023. With the agreement of employees, their existing options of 3,690,000 have been cancelled.

Also as disclosed in the Circular issued in connection with the fundraise, the Director Warrants have been awarded today to Non-Executive Directors as detailed below:

The Director Warrants are subject to the rules of the Microsaic Unapproved Share Option Scheme. They are exercisable at the exercise price of 0.1 pence for up to 5 years and are normally subject to a vesting condition that the Company's Ordinary Shares have traded at a volume weighted average price at or above a 50 per cent. premium to the exercise price for 20 consecutive business days at any time since the Director Warrants were awarded.  Warrants over 75,000,000 New Ordinary Shares have also been issued to Eric Yeatman, a former director and now consultant to the Company, under the same terms and performance condition as for the Director Warrants.

Following the cancellation of Existing Options and the award of New Options and Warrants, the total number of options and warrants outstanding under share incentive scheme arrangements is 1,125,819,000 representing approximately 18.5 per cent. of the Company's current issued share capital. Assuming the future exercise in full of all currently outstanding options and warrants, including the Broker Warrants, and the further issuance of the second year of salaries payable in shares to Mr. Brandon and Dr. Burton, the shares arising from the exercise of all options and warrants held by Directors and employees would represent approximately 14.2 per cent. of the share capital as enlarged by the exercise of these instruments.

The notifications below, are made in accordance with the requirements of the Market Abuse Regulation, provide additional detail.

Defined terms used in this announcement have the meanings (unless the context otherwise requires) set out in the Circular dated 19 January 2021, available on the Company's website at https://www.microsaic.com/investors/documents/.