Acquisition of shares in Capital Lease Aviation...

Avation PLC
                                            (the "'Company')
                                               (LSE: AVAP)

                 Acquisition of shares in Capital Lease Aviation PLC and issue of equity

Avation PLC announces that it has agreed to acquire 10,662,112 ordinary shares in aircraft lessor Capital
Lease  Aviation  PLC  (AIM: CLA), increasing its holding in CLA's issued share  capital  from  51.18%  to
62.07%.

The consideration for the acquisition of the CLA shares is the allotment of 1,647,781 new ordinary shares
in  the  Company,  representing  4.05%  of  the  existing  issued  share  capital  of  the  Company  (the
"Consideration Shares").

The acquisition is conditional only on admission of the Consideration Shares to the Official List and  to
trading   on  the  London  Stock  Exchange's  main  market  for  listed  securities  becoming   effective
("Admission").

The Consideration Shares will be issued fully paid and rank pari passu in all respects with the Company's
existing ordinary shares in issue.  Following Admission the Company's total issued share capital will  be
42,374,463 ordinary shares.  The Consideration Shares will represent approximately 3.89% of the  enlarged
issued share capital of the Company. For the purposes of calculating Total Voting Rights shareholders may
use the number 42,374,463 as the total number of shares in issue from the date of Admission.

Application is to be arranged forthwith by AVAP for the Consideration Shares to be listed on the standard
segment of the Official List and to be admitted to trading on the London Stock Exchange's main market for
listed securities. It is anticipated that Admission of the Consideration Shares will become effective and
that dealings will commence at 8:00 a.m. on 20 January 2012.

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ENQUIRIES:

Avation PLC
Jeff Chatfield, Chairman                                                            [phone]

W H IRELAND
Harry Ansell / James Joyce                                                          [phone]

Financial Public Relations
Bishopsgate Communications                                                          [phone]
Nick Rome/Shabnam Bashir

Website
www.avation.net

Avation plc