Transaction in Own Shares

7 January 2008

                                              AVATION PLC
                                     ('AVATION' OR THE 'COMPANY')

                                    SHARE BUYBACK FOR CANCELLATION

The Board of Avation a commercial jet aircraft leasing provider advises that it has purchased 40,000
Ordinary Shares on market through PLUS Markets at 80 pence per share for cancellation.

The authority to buy-back shares was given to the directors at the AGM held on the 4th of December
2007.

As  a consequence the number of shares in issue will decrease to 24,299,197 after the shares purchased
have been cancelled.

As  a  result  of  the  decrease  in the number of shares in issue the  directors'  shareholdings  are
unchanged, they represent 16.9% of the Company's issued share capital.

               The directors take responsibility for the contents of this announcement.

                                              ---ENDS---

Enquiries:

Avation PLC                                                                          07783 942553
R. J. (Jeff) Chatfield, Chairman

Advisor                                                                              0207 6281128
Jonathan Willis-Richards, Loeb Aron & Company Ltd.

Media                                                                                0207 5623350
Maxine Barnes, Nick Rome
Bishopsgate Communications

Website: www.avation.net

Avation PLC