Holding(s) in Company

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Circassia Pharmaceuticals Plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

√

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

√

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

Aviva plc & its subsidiaries

4. Full name of shareholder(s) (if different from 3.):iv

Registered Holder:

Chase (GA Group)Nominees Limited 13,464,518*

HSBC Global Custody Nominee (UK)Limited 50,256*

State Street Nominees Limited 202,422*

* denotes direct interest

Chase Nominees Limited 452,588

Vidacos Nominees Limited 272,030

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

28 March 2017

6. Date on which issuer notified:

29 March 2017

7. Threshold(s) that is/are crossed orreached: vi, vii

5% to 4% Change at Direct Interest Level

(Box 8A)

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary SharesGB00BJVD3B28

17,705,698*

17,705,698*

15,857,219

13,717,196

724,618

4.82%

0.25%

* Includes right to recall loaned shares (1,848,479)

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

RIGHT TO RECALL LOANED SHARES

N/A

N/A

2,074,649*

*Direct interest

0.73%

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

16,516,463

5.80%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

The voting rights are managed and controlled by Aviva Investors Global Services Limited, with the following chain of controlled undertakings:-

Aviva Investors Global Services Limited:

· Aviva plc (Parent Company)

· Aviva Group Holdings Limited (wholly owned subsidiary of Aviva plc)

· Aviva Investors Holdings Limited (wholly owned subsidiary of Aviva Group Holdings Limited)

· Aviva Investors Global Services Limited (wholly owned subsidiary of Aviva Investors Holdings Limited)

Proxy Voting:

10. Name of the proxy holder:

See Section 4

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

Figures are based on a total number of voting rights of 284,889,171 as per the Company's Total Voting Rights Update Announcement of 28th February 2017.

14. Contact name:

 Julien Cotta

15. Contact telephone number:

01865 405560