CIR.L Regulatory News (CIR)

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 12,065,941*

HSBC Global Custody Nominee (UK) Limited 47,836*

State Street Nominees Limited 197,282*

* denotes direct interest

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

23 June 2017

6. Date on which issuer notified:

26 June 2017

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

4% to 3% 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

16,516,463*

16,516,463*

12,311,059

12,311,059

Not Disclosable**

3.71%

Not Disclosable**

* Includes right to recall loaned shares (2,004,649)

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

3,457,526*

*Direct interest

1.04%

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

15,768,585

4.75%

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 332,244,588 as per the Company's Total Voting Rights Update Announcement of 12 April 2017.

** Although not reportable, as per DTR5.1.5,the non-disclosable (indirect) position is currently 717,718 shares, and is included here in the interests of transparency.

14. Contact name:

Julien Cotta

15. Contact telephone number:

01865 405560