Notification of Major Interest in Shares

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES(i)

1. Identity of the issuer or the underlying issuer                                                  AVATION PLC
   of existing shares to which voting rights are
   attached:(ii)

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

   An acquisition or disposal of voting rights                                                                X

   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 the                                       OCEANWOOD CAPITAL MANAGEMENT LLP
   notification obligation:(iii)

4. Full name of shareholder(s)                                       OCEANWOOD GLOBAL OPPORTUNITIES MASTER FUND
   (if different from 3.):(iv)

5. Date of the transaction and date on                                                            5th July 2012
   which the threshold is crossed or
   reached:(v)

6. Date on which issuer notified:                                                                 5th July 2012

7. Threshold(s) that is/are crossed or                                                      Above 14% Threshold
   reached:(vi,vii)

8. Notified details:

A: Voting rights attached to shares(viii,ix)

Class/type of              Situation previous              Resulting situation after the triggering transaction
shares                     to the triggering
                           transaction
if possible using
the ISIN CODE
                           Number            Number        Number       Number of voting         % of  voting rights x
                           of                of            of shares    rights
                           Shares            Voting
                                             Rights
                                                           Direct       Direct(xi) Indirect(xii)  Direct   Indirect

Ord GBP Shares  
ISIN:                      5,648,463         5,648,463     6,238,463    6,238,463                 14.05%       
GB00B196F554

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial                       Expiration    Exercise/               Number of voting           % of voting
instrument                              date(xiii)    Conversion Period(xiv)  rights that may be         rights
                                                                              acquired if the
                                                                              instrument is
                                                                              exercised/converted.

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

Resulting situation after the triggering transaction

Type of financial                 Exercise      Expiration    Exercise/     Number of voting rights      % of voting  
instrument                        price         date(xvii)     Conversion    instrument refers to         rights(xix,)
                                                              period(xviii)    
                                                                                                        Nominal  Delta

Total (A+B+C)

Number of voting rights                                                 Percentage of voting rights
                                                            6,238,463   14.05%

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

Proxy Voting:

10. Name of the proxy holder:                                                                               

11. Number of voting rights proxy holder will cease to hold: 

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

13. Additional information:

14. Contact name:                                                                                                   

15. Contact telephone number:                                                                               

Avation plc