Holding in Company

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

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

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1. Identity of the issuer or the underlying issuer                                   AVATION PLC
of existing shares to which voting rights are
attached: ii
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2. Reason for the notification (please tick the appropriate box or boxes):
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An acquisition or disposal of voting rights                                                                     X
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An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares
already issued to which voting rights are attached
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An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
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An event changing the breakdown of voting rights
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Other (please specify):
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3. Full name of person(s) subject to the                            OCEANWOOD CAPITAL MANAGEMENT LLP
notification obligation: iii
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4. Full name of shareholder(s)                                      OCEANWOOD GLOBAL OPPORTUNITIES MASTER FUND
 (if different from 3.):iv

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5. Date of the transaction and date on                              9th December 2011
which the threshold is crossed or
reached: v
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6. Date on which issuer notified:                                   9th December 2011
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7. Threshold(s) that is/are crossed or                              Above 5% Threshold
reached: vi, vii
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8. Notified details:
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A: Voting rights attached to shares viii, ix
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Class/type of              Situation previous                  Resulting situation after the triggering transaction
shares                     to the triggering
                           transaction
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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
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Ord GBP Shares  ISIN:      907,500        907,500        2,725,682         2,725,682                 6.74%
GB00B196F554

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B: Qualifying Financial Instruments
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Resulting situation after the triggering transaction
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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.
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C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi
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Resulting situation after the triggering transaction
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Type of financial                 Exercise      Expiration    Exercise/       Number of voting rights  % of voting
instrument                        price         date xvii     Conversion      instrument refers to     rights xix,
                                                              period xviii
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                                                                                                       Nominal   Delta
                                                                                                       ---------------

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Total (A+B+C)
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Number of voting rights                                                 Percentage of voting rights
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                                                            2,725,682   6.74%
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9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: xxi
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Proxy Voting:
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10. Name of the proxy holder:
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11. Number of voting rights proxy holder will cease to hold:
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12. Date on which proxy holder will cease to hold voting rights:
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13. Additional information:
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14. Contact name:
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15. Contact telephone number:
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Avation plc