Short Selling Disclosure

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                            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                              9th December 2011
which the threshold is crossed or
reached: v
----------------------------------------------------------------------------------------------------------------------
6. Date on which issuer notified:                                   9th December 2011
----------------------------------------------------------------------------------------------------------------------
7. Threshold(s) that is/are crossed or                              Above 5% 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 
                           of             of             of shares         rights                    rights x 
                           Shares         Voting
                                          Rights         -------------------------------------------------------------
                                                         Direct            Direct xi  Indirect xii   Direct   Indirect
----------------------------------------------------------------------------------------------------------------------
Ord GBP Shares  ISIN:      907,500        907,500        2,725,682         2,725,682                 6.74%        
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 
instrument                        price         date xvii     Conversion      instrument refers to     rights xix,
                                                              period xviii
----------------------------------------------------------------------------------------------------------------------
                                                                                                       Nominal   Delta
                                                                                                       ---------------

----------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------
Total (A+B+C)
----------------------------------------------------------------------------------------------------------------------
Number of voting rights                                                 Percentage of voting rights
----------------------------------------------------------------------------------------------------------------------
                                                            2,725,682   6.74%
----------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------
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