Miscellaneous high priority annnouncements

For filings with the FSA include the annex                     
For filings with issuer exclude the annex                      

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES(i)

1. Identity of the issuer or the underlying issuer                                                          AVATION PLC
of existing shares to which voting rights are
attached: (ii)
2. Reason for the notification (please tick the appropriate box or boxes):                                       ------
An acquisition or disposal of voting rights                                                                         X
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares     ------
already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments           
An event changing the breakdown of voting rights                                                                      
Other (please specify):                                                                                               

3. Full name of person(s) subject to the                                               OCEANWOOD CAPITAL MANAGEMENT LLP
notification obligation: (iii)

4. Full name of shareholder(s)                                               OCEANWOOD GLOBAL OPPORTUNITIES MASTER FUND
 (if different from 3.):(iv)

5. Date of the transaction and date on                                                                  22nd March 2012
which the threshold is crossed or
reached: (v)

6. Date on which issuer notified:                                                                       23rd March 2012

7. Threshold(s) that is/are crossed or                                                              Above 12% Threshold
reached: (vi), (vii)

8. Notified details:
A: Voting rights attached to shares (viii), (ix)
Class/type of              Situation previous                  Resulting situation after the triggering transaction
shares                     to the triggering
                           transaction
if possible using
the ISIN CODE              Number      Number     Number        Number of voting             % of  voting rights (x)
                           of          of         of shares     rights
                           Shares      Voting
                                       Rights
                                                  Direct        Direct (xi)  Indirect (xii)  Direct   Indirect

Ord GBP Shares             4,873,463   4,873,463  5,173,463     5,173,463                    12.21%       
ISIN:
GB00B196F554

B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial                 Expiration     Exercise/                  Number of voting       % of voting
instrument                        date (xiii)    Conversion Period (xiv)    rights that may be     rights
                                                                            acquired if the
                                                                            instrument is
                                                                            exercised/ converted.

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments (xv), (xvi)
Resulting situation after the triggering transaction
Type of financial      Exercise      Expiration    Exercise/       Number of voting rights    % of voting rights (xix),
instrument             price         date (xvii)   Conversion      instrument refers to            
                                                   period (xviii)    
                                                                                              Nominal    Delta

Total (A+B+C)
Number of voting rights                                                 Percentage of voting rights
                                                            5,173,463   12.21%

9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: (xxi)

Proxy Voting:
10. Name of the proxy holder:
11. Number of voting rights proxy holder will cease to hold:
12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:
14. Contact name:
15. Contact telephone number:

Avation plc