Half Yearly Report

AVATION PLC (the "Company")

                                                 FINANCIAL RESULTS
                                     FOR THE SIX MONTHS ENDED 31 DECEMBER 2012
                                           and Interim Management Report

                        "Profit, Revenues and Earnings Per Share Move Significantly Ahead"

Avation  PLC  (LSE: AVAP)  the  commercial passenger aircraft leasing company is  pleased  to  announce  unaudited
financial statements for the Company and its subsidiaries for the six-month period ended 31st December 2012.

The financial highlights are:

    *       Consolidated net profit after tax attributable to shareholders of Avation PLC increased  by  38.7%  to
            £2,853,844;
    *       Revenues increased by 26.4% to £12,713,862;
    *       Earnings per share of 6.44 pence were recorded representing an increase of 21.7%;
    *       Increased number of aircraft in the fleet from 15 to 19 with a value of £174 Million;
    *       Fulfilled the delivery of the initial ten ATR72 aircraft into the Australian Regional Airline  Network
            Alliance ("ARAN");
    *       Placed a firm order for seven additional ATR72 for delivery in 2014;
    *       Secured commercial funding for the five ATR72 aircraft scheduled for delivery in 2013;

Commenting today, Avation PLC Chairman, Jeff Chatfield said:

"The  Board of Directors are pleased with the development of the Avation business, in particular the core  aircraft
delivery program of 22 ATR72 aircraft for firm delivery in 2013 and 2014, and remains committed to the build-out of
the ARAN Alliance and other identified fleet opportunities in the Australian and Asian regions.

The  business  continues to perform strongly, providing consistent and defined IRR's, cash yields  and  predictable
capital  returns  from  aircraft  investments. Looking forward, we are confident that  our  business  provides  for
continued and sustainable growth in 2013 and beyond."

Further information on Avation PLC can be seen at: www.avation.net.  Avation PLC is registered in England and Wales
with its Operational Headquarters in Singapore.

Enquiries:

Avation PLC                                       
Jeff Chatfield, Chairman                          [phone]

Cadogan PR                                        
Alex Walters                                      [phone]
                                                  [phone]

Statement by the Chairman, Jeff Chatfield:

Dear Fellow Shareholder,

Introduction
Your  Board  is  pleased to report that during the six month period ended 31st December 2012 the  consolidated  net
profit  after tax moved ahead to £2,853,844 on increased revenues of £12,713,862 with earnings per share rising  to
6.44  pence.  Returns  principally comprise cash yield (income) from aircraft lease  payments  after  repayment  of
associated debt obligations.

The  ARAN  Alliance continues to provide a solid operating platform for the continued asset and earnings growth  of
the Avation business.

The  revenue growth increase to £12,713,862 is consistent with the expectations of 30th June 2012 and a  result  of
the  build-out and significant investment in the ATR72 fleet. With the recent announcement of further additions  to
this fleet, lease revenues are expected to grow by an additional  £2.3 million in the six months to 30th June 2013.

As  at  31st  December  2012,  total  assets  increased by £46,646,007 to £204,777,910.  Corresponding  liabilities
increased by £43,173,407 to £148,784,254 resulting in a net asset increase of 6.6% to £55,993,656.

The  Company has at this time secured committed funding of some US$82 million covering senior debt requirements for
the five ATR72 deliveries for 2013.

Fleet Development
The  Company's aircraft fleet currently comprises nineteen aircraft which are 100% utilised and generate  a  rental
yield  of 14.6% from a current customer base of airlines in Australia, Europe and North America (based on the  last
full year).

The  fleet is comprised of a diverse range of commercial passenger aircraft, with new ATR72 aircraft, Airbus A320s,
Airbus  A321s  and Fokker 100s. In addition to leasing these aircraft, Avation provides active fleet and  financial
management to ensure the retention of asset values and the maximisation of earnings.

The  ATR72  fleet related to the ARAN Alliance now stands at ten delivered, with five additional aircraft scheduled
for  delivery in 2013 and a further four aircraft scheduled for 2014. The Company has secured a potential  pipeline
of a total of 30 additional aircraft, meaning it is well placed to maintain a high level of growth in the future.

Funding
As  stated above, the Company has at this time secured committed debt funding for the ATR72 deliveries for 2013 and
it  is  well  positioned to obtain access to the necessary debt for the purchase of further aircraft for  2014  and
beyond.  Access  to  funding  nevertheless remains a risk, which is common  to  all  businesses  that  are  capital
intensive.  Specific  aviation  based industry risks are also present and include the  creditworthiness  of  client
airlines.

Dividend
As  announced at the Annual General Meeting held on 4 December 2012 the company will pay a final dividend  of  1.05
pence per share on 22nd February 2013.

Outlook
The  Board of Directors is strongly committed to developing the Avation business further and confident that it  can
achieve  continued  and  sustainable growth in 2013 and beyond. Looking forward, the Directors  anticipate  further
increases in lease revenues if, as and when additional aircraft are delivered.

Jeff Chatfield,
Chairman
Singapore,
11th February 2013

Avation plc