Issue of Equity

25 MARCH 2008

                               AVATION PLC ("Avation" or the "Company")

               EXERCISE OF WARRANTS, DIRECTOR'S DEALING AND CHANGE OF REGISTERED OFFICE

The  Board of Avation, the PLUS quoted aircraft leasing company, announces that the Company has issued
a total of 1,125,000 new ordinary shares following the exercise of warrants by:

1. Loeb Aron & Company Ltd, an advisor to the Company, has exercised 920,000 warrants;

2.  Mr.  Peter Freeman, a Director of the Company's subsidiary Capital Lease Aviation PLC and employee
of Loeb Aron & Company Ltd, has exercised 80,000 warrants;

3. Mrs. Siobhan Cool, a Company Secretary of the Company, has exercised 125,000 warrants.

As  a  consequence of the exercise of the warrants described above the Company has issued a  total  of
1,125,000 new shares and received a total of GBP 45,000 on exercise of those Warrants.

4. Mr. Bryant McLarty, a Director of the Company has purchased 3,500 ordinary shares of the Company on
market at 67 pence. The total holding in which Mr. McLarty has an interest is 3,500 ordinary shares in
the Company.

The  total  number  of  shares  in issue following the exercise of the  warrants  described  above  is
25,360,000. The directors' holdings, direct and indirect, are as follows:

R. J. Chatfield (Chairman) - 3,489,490
A.C. Baudinette (Director) - 606,500
B McLarty (Director) - 3,500

The Directors' holdings now represent 16.17% per cent. of the 25,360,000 Ordinary shares now in issue.

CHANGE OF REGISTERED OFFICE
The company's registered office has been changed to

63 Coleman St
London  EC2R 5BB, England

Its place of business remains unchanged at:
#12 - 04   510 Thomson Rd
Singapore, SG 298135

   The Directors take responsibility for the contents of this announcement.

                                              ---ENDS---

ENQUIRIES:

AVATION PLC                                                      07783 942 553
Jeff Chatfield, Chairman

STOCKBROKERS
W H Ireland Ltd.                                                 020 7220 1670

Cornhill Asset Management Ltd                                    020 7645 8320

ADVISOR                                                          020 7628 1128
Frank Lucas
Loeb Aron & Company Ltd.

MEDIA                                                            020 7562 3350
Maxine Barnes, Nick Rome, Nick Farmer
Bishopsgate Communications

Avation plc