Notification of Major Interest in Shares

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                                                                           

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):            Placing TD 11/06/12 SD 29/06/12                                                  YES

3. Full name of person(s) subject to the                                Artemis Investment Management LLP on behalf of
notification obligation:(iii)                                                     discretionary funds under  management

4. Full name of shareholder(s)                                                       
(if different from 3.):(iv)

5. Date of the transaction and date on                                                        11 June 2012 (Trade Date)
which the threshold is crossed or                                                        29 June 2012 (Settlement Date)
reached:(v)

6. Date on which issuer notified:                                                                          29 June 2012

7. Threshold(s) that is/are crossed or 
reached: (vi), (vii)
                                                                                                                     5%
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

GB00B196F554             1,750,000        1,750,000,    2,250,000       2,250,000                  5.07%           

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

                                                            2,250,000   5.07%

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:                                                                                      Richard Smithson

15. Contact telephone number:                                                                             0207 399 6063

Avation plc