Notification of Major Interest in Shares

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

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

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                                                             Slater Investments Ltd
notification obligation: iii
4. Full name of shareholder(s)                                                                                             
 (if different from 3.):iv
5. Date of the transaction and date on                                                                   30th November 2011
which the threshold is crossed or
reached: v
6. Date on which issuer notified:                                                                         8th December 2011
7. Threshold(s) that is/are crossed or                                                                             Above 6%
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
GB00B196F554           2,252,500      2,252,500     170,000      170,000         2,182,500      0.44%          5.67%

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            xx
                                                    period xviii                                    
                                                                                                    Nominal       Delta

Total (A+B+C)
Number of voting rights                                       Percentage of voting rights
2,352,500                                                     6.11%

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:                                                                                               Ralph Baber
15. Contact telephone number:                                                                             + 44 20 7220 9460

Avation plc