Holding in Company

22 May 2008
                                                     AVATION PLC
                                            ('AVATION' OR THE 'COMPANY')

                            FINANCE FACILITY AND NOTIFICATION OF SUBSTANTIAL SHAREHOLDING

Substantial Shareholding
Pursuant   to  the  FSA's  Disclosure and Transparency Rules, the Board  of  Avation  Plc  received notification  on
22  May  2008 from Credit Suisse Securities (Europe) Limited. that it has acquired an interest in 983,244 shares  in
the  Company.  The  Company  has been advised that this interest totals 3.89% of the issued  voting  shares  of  the
Company.

USD $4.63m Finance Facility
A  51.22% owned subsidiary of Avation, the AIM quoted Capital Lease Aviation Plc (AIM: CLA) has , announced that  it
has  been  successful in obtaining a further finance facility for US$4.63 million. The salient terms of the  finance
facility, secured against one aircraft in the portfolio, are as follows:

    *   The funds will be drawn down in June and are intended to be applied as a deposit for the acquisition of
        CLA's next aircraft; several of which are currently under consideration;
    *   The facility is being provided by a subsidiary of a major UK commercial bank;
    *   The  facility has a 60 month expiry term with a fixed rate fully drawn facility which is at  commercial
        interest rates of 6.37%; and with no convertible elements to the facility.

The  borrower  is a wholly owned Australian incorporated subsidiary of CLA named Capital Lease Australian  Portfolio
One Pty. Ltd. which is a special purpose vehicle to own and maintain certain of the leases of aircraft.

                      The directors take responsibility for the contents of this announcement.

                                                     ---ENDS---

ENQUIRES:

AVATION PLC                                                      07783 942 553
Jeff Chatfield, Chairman

STOCKBROKERS
WH Ireland Ltd                                                   020 7220 1670

Cornhill Asset Management Ltd                                    020 7743 6000

ADVISOR                                                          020 7628 1128
Jonathan Willis-Richards
Loeb Aron & Company Ltd.

MEDIA                                                            020 7562 3350
Maxine Barnes, Nick Rome
Bishopsgate Communications

WEBSITES                                                         www.avation.net

Avation plc