TR-1: 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 SHARES (i)                                  
----------------------------------------------------------------------------------

----------------------------------------------------------------------------------
1. Identity of the issuer or the underlying issuer                                
of existing shares to which voting rights are                          AVATION PLC
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                                      
notification obligation: (iii)                   OCEANWOOD CAPITAL MANAGEMENT LLP
----------------------------------------------------------------------------------
4. Full name of shareholder(s)                  OCEANWOOD GLOBAL OPPORTUNITIES
 (if different from 3.) (iv)                                       MASTER FUND
----------------------------------------------------------------------------------
5. Date of the transaction and date on                                        
which the threshold is crossed or                          20th September 2013
reached: (v)                                                                     
-----------------------------------------------------------------------------------
6. Date on which issuer notified:                          23rd September 2013
-----------------------------------------------------------------------------------
7. Threshold(s) that is/are crossed or                                        
reached: (vi, vii)                                        Above 24% Threshold
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
8. Notified details:                                                                 
-----------------------------------------------------------------------------------
A: Voting rights attached to sharesviii, (ix)                                          
-----------------------------------------------------------------------------------
Class/type   Situation previous   Resulting situation after the triggering           
of           to the triggering    transaction                                        
shares       transaction                                                             

if
possible                                                                             
using                                                                                
the ISIN                                                                             
CODE                                                                                 
             -----------------------------------------------------------------------
             Number    Number     Number     Number of voting     % of voting rights 
             of        of         of shares  rights               (x)                  
             Shares    Voting                                                        
                       Rights                                                        
                                  --------------------------------------------------
                                  Direct     Direct (xi)  Indirect  Direct Indirect    
                                                          (xii)                          
------------------------------------------------------------------------------------
Ord GBP      8,938,140 8,938,140  12,058,140 12,058,140             24.7%              
Shares ISIN:                                                                         
GB00B196F554                                                                         

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

------------------------------------------------------------------------------------
B: Qualifying Financial Instruments                                         
------------------------------------------------------------------------------------
Resulting situation after the triggering transaction                        
------------------------------------------------------------------------------------
Type of       Expiration    Exercise/     Number of         % of voting     
financial     date (xiii)   Conversion    voting            rights          
instrument                  Period (xiv)  rights that may                   
                                          be                                
                                          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         Exercise   Expiration  Exercise/    Number of  % of voting rights 
financial       price      date (xvii) Conversion   voting     (xix),               
instrument                             period(xviii) rights                        
                                                    instrument                    
                                                    refers to                     
-----------------------------------------------------------------------------------
                                                               Nominal   Delta    
                                                               --------------------

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

-----------------------------------------------------------------------------------
Total (A+B+C)                                                                     
-----------------------------------------------------------------------------------
Number of voting rights                             Percentage of voting rights   
-----------------------------------------------------------------------------------
12,058,140                                          24.7%                         
-----------------------------------------------------------------------------------

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