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                                                                          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                                                                       25th June 2012
which the threshold is crossed or
reached: (v)

6. Date on which issuer notified:                                                                            26th June 2012

7. Threshold(s) that is/are crossed or                                                                  Above 13% 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    Direct       Indirect
                                                                                                    (xii)
Ord GBP Shares  ISIN:      5,323,463         5,323,463         5,623,463         5,623,463                      13.26%       
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
                                                            5,623,463   13.26%

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