Underwritten Open Offer - Timetable

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR CANADA, JAPAN, NEW ZEALAND,  THE  REPUBLIC
OF  IRELAND, THE REPUBLIC OF SOUTH AFRICA OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE  SAME
WOULD BE UNLAWFUL

THIS  ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL  OR  ISSUE,  OR  ANY
SOLICITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY NEW ORDINARY SHARES, NOR SHALL IT (OR ANY  PART
OF  IT), OR THE FACT OF ITS DISTRIBUTION, FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH OR  ACT  AS
ANY INDUCEMENT TO ENTER INTO, ANY CONTRACT OR COMMITMENT WHATSOEVER WITH RESPECT TO THE PROPOSED OPEN OFFER
OR  OTHERWISE. THIS ANNOUNCEMENT IS NOT A CIRCULAR AND INVESTORS SHOULD NOT SUBSCRIBE FOR OR  PURCHASE  ANY
NEW  ORDINARY  SHARES  REFERRED TO IN THIS ANNOUNCEMENT EXCEPT SOLELY ON THE BASIS OF  INFORMATION  IN  THE
CIRCULAR PUBLISHED ON 7 MAY 2013. COPIES OF THE CIRCULAR WILL, FOLLOWING PUBLICATION, BE AVAILABLE FROM THE
COMPANY'S REGISTERED OFFICE, CHEYNE HOUSE, CROWN COURT, 62-63 CHEAPSIDE LONDON EC2V 6AX UNITED KINGDOM

                                                AVATION PLC
                                              (the "Company")

                                    Underwritten Open Offer - Timetable

Avation  PLC  (LSE:  AVAP),  the commercial passenger aircraft leasing company,  refers  to  the  Company's
announcement  made  on 7 May 2013 in relation to the Open Offer. The Company reminds  shareholders  of  the
following expected key dates and times relating to the Open Offer:

Recommended last time and date for withdrawing Open Offer Entitlements from           4.30 p.m. 16 May 2013
CREST

Latest time and date for depositing Open Offer Entitlements into CREST                3.00 p.m. 17 May 2013

Latest time and date for splitting Application Forms (to satisfy bona fide            3.00 p.m. 20 May 2013
market claims only)

Latest time and date for receipt of completed Application Forms and payment          11.00 a.m. 22 May 2013
in full under the Open Offer and settlement of relevant CREST instructions                                 
(as appropriate)

Expected date of announcement of results of the Open Offer through a                            23 May 2013
Regulatory Information Service

Expected date of Admission and commencement of dealings in New Ordinary               8.00 a.m. 24 May 2013
Shares on the London Stock Exchange and New Ordinary Shares credited to                                    
CREST stock accounts (Qualifying CREST only)

Expected date of despatch of definitive share certificates for New Ordinary                 Week commencing
Shares (to Qualifying non-CREST Shareholders only)                                              27 May 2013

The  dates  set out above may be adjusted by the Company, in which event details of the new dates  will  be
notified, as required, to the UK Listing Authority and the London Stock Exchange and, where appropriate, to
Shareholders. All times are references to London times.

Qualifying CREST Shareholders (being those holding certificated shares through CREST) should contact  their
broker and/or the custodian of their shares to ensure they are given full details on the Open Offer and how
to accept.

The  Circular  and  Application Form were posted to Qualifying Shareholders  (other  than  shareholders  in
Restricted Jurisdictions) on 7 May 2013.  Qualifying Shareholders who hold their shares in CREST had  their
CREST accounts credited on 8 May 2013. Completed Application Forms (with payment in full) and settlement of
CREST instructions to be received no later than 11 a.m. on 22 May 2013.

ENQUIRIES

Avation PLC:                                                                  
Jeff Chatfield (Executive Chairman)                                                            [phone]

Liberum Capital Limited:                                                                                    
Chris Bowman / Richard Bootle                                                               [phone]

W H Ireland Limited:                                                                                        
James Joyce                                                                                 [phone]

Blythe Weigh Communications                                                   
Tim Blythe                                                                                  [phone]

This  announcement  is  not for release, publication or distribution, in whole  or  in  part,  directly  or
indirectly, in or into Canada, Japan, New Zealand, the Republic of Ireland, the Republic of South Africa or
the United States or any jurisdiction into which the publication or distribution would be unlawful.

This announcement is for information purposes only and does not constitute an offer to sell or issue or the
solicitation of an offer to buy or acquire shares in the capital of the Company.  The distribution of  this
announcement in certain jurisdictions may be restricted by law and therefore persons into whose  possession
this  announcement comes should inform themselves about and observe any such restrictions. Any  failure  to
comply  with  these  restrictions may constitute a violation of the securities laws of such  jurisdictions.
The  New  Ordinary Shares have not been and will not be registered under the applicable securities laws  of
any  of  the  Restricted Jurisdictions and, unless an exemption under such laws are available, may  not  be
offered  for  sale  or  subscription or sold, or pledged, or subscribed directly or indirectly  within  the
Restricted  Jurisdictions  or  for  the account or benefit of any national,  resident  or  citizen  of  the
Restricted Jurisdictions. The New Ordinary Shares have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "Securities Act"), or under the securities laws of any state
of  the United States and may not be offered, sold, resold, pledged, transferred or delivered, directly  or
indirectly,  into or within the United States or to or for the account or benefit of any US  person  within
the  meaning  of  Regulation  S  of the Securities Act, except pursuant to  an  applicable  exemption  from
registration requirements. In particular, the New Ordinary Shares have not been approved or disapproved  by
the  US  Securities and Exchange Commission, any state securities commission in the United  States  or  any
other  US regulatory authority, nor has any of the foregoing authorities passed upon or endorsed the merits
of  the  offering  of  the  New  Ordinary Shares or the accuracy or the  adequacy  of  this  Circular.  Any
representation to the contrary is a criminal offence in the United States.

This announcement and the Circular have not been, and will not be, lodged with ASIC and are not, and do not
purport  to  be,  a  document containing disclosure to investors for the purposes  of  Chapter  6D  of  the
Corporations Act of Australia (the "Corporations Act"). They are not intended to be used in connection with
any  offer,  sale  or issue for which disclosure is required and does not contain all the information  that
would be required by those provisions if they applied. No direct or indirect offers for issue or sale,  and
no  invitations for applications for issue or offers to purchase, are being or will be made in, to or  from
Australia, and no prospectus, advertisement or other offering material relating to the New Ordinary  Shares
has  been  or will be distributed or published in Australia, unless: (a) such offer or invitation does  not
require  disclosure  to investors in accordance with Chapter 6D of the Corporations Act;  (b)  such  action
complies  with all applicable laws, regulations and directives (including without limitation the  licensing
requirements  set out in Chapter 7 of the Corporations Act); (c) such action does not require any  document
to  be  lodged  with ASIC; and (d) the offer or invitation is made only to a person who is a "sophisticated
investor" within the meaning of section 708(8) of the Corporations Act or a "professional investor"  within
the meaning of section 708(11) of the Corporations Act.

Forward looking statements:

This  announcement contains forward looking statements including, without limitation, statements containing
the  words  "believes", "estimates", "anticipates", "forecasts", "projects", "expects",  "intends",  "may",
"will",  or  "should"  or,  in each case, their negative or other variations or similar  expressions.  Such
forward  looking  statements involve unknown risks, uncertainties and other factors  which  may  cause  the
actual  results, performance or achievement of the Company, or industry results, to be materially different
from future results, performance or achievements expressed or implied by such forward looking statements.

These  factors include, but are not limited to, those described in the part of the Circular entitled  "Risk
Factors", which should be read by prospective investors in conjunction with the other cautionary statements
that  are  included  in this announcement. Prospective investors should specifically consider  the  factors
identified  in  this announcement and the Offer Document which could cause actual results to differ  before
making an investment decision.

Given  these  uncertainties, prospective investors are cautioned not to place any undue  reliance  on  such
forward  looking  statements.  These  forward  looking statements  apply  only  as  at  the  date  of  this
announcement.   Subject  to its legal and regulatory obligations (including under the  Listing  Rules,  the
Prospectus  Rules  and  the  Disclosure  and  Transparency Rules),  the  Company  expressly  disclaims  any
obligations  to update or revise any forward looking statement contained herein to reflect  any  change  in
expectations  with  regard  thereto  or any change in events, conditions  or  circumstances  on  which  any
statement  is  based unless required to do so by any appropriate regulatory authority or by law,  including
FSMA, the Listing Rules, the Prospectus Rules and the Disclosure and Transparency Rules.

Avation plc