NOTIFICATION OF MAJOR INTEREST IN SHARES

---------------------------------------------------------- For filings with the FSA include the annex For filings with issuer exclude the annex ---------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi --------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- 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 Slater Investments Ltd notification obligation: iii --------------------------------------------------------------------------------------------------------------------- 4. Full name of shareholder(s) (if different from 3.):iv --------------------------------------------------------------------------------------------------------------------- 5. Date of the transaction and date on 20th September 2011 which the threshold is crossed or reached: v --------------------------------------------------------------------------------------------------------------------- 6. Date on which issuer notified: 21st September 2011 --------------------------------------------------------------------------------------------------------------------- 7. Threshold(s) that is/are crossed or Above 5% 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 ----------------------------------------------------------------- GB00B196F554 1,897,500 1,897,500 25,000 25,000 1,912,500 0.06% 4.96% --------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- 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 rights xix, instrument price date xvii Conversion instrument refers to xx period xviii --------------------------------------------------------------------------------------------------------------------- Nominal Delta ------------------------ --------------------------------------------------------------------------------------------------------------------- Total (A+B+C) --------------------------------------------------------------------------------------------------------------------- Number of voting rights Percentage of voting rights --------------------------------------------------------------------------------------------------------------------- 1,937,500 5.02% --------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- 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: Ralph Baber --------------------------------------------------------------------------------------------------------------------- 15. Contact telephone number: + 44 20 7220 9460 --------------------------------------------------------------------------------------------------------------------- Avation plc

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