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                                            AVATION PLC
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 notification                                OCEANWOOD CAPITAL MANAGEMENT LLP
obligation:(iii)

4. Full name of shareholder(s) (if different from 3.):(iv)                 OCEANWOOD GLOBAL OPPORTUNITIES MASTER FUND

5. Date of the transaction and date on which the threshold                                          31st October 2012
is crossed or reached:(v)

6. Date on which issuer notified:                                                                   1st November 2012

7. Threshold(s) that is/are crossed or reached:(vi, vii)                                          Above 15% Threshold

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(xii)  Direct   Indirect
Ord GBP Shares
ISIN:  
GB00B196F554               6,537,012         6,537,012    6,677,012   6,677,012                 15.05

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
                                  6,677,012   15.05%

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