Avation Regulatory News (AVAP)

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

AVATION PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

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):

Change in outstanding Shares

X

3. Full name of person(s) subject to thenotification obligation: iii

OCEANWOOD CAPITAL MANAGEMENT LLP

4. Full name of shareholder(s)  (if different from 3.):iv

OCEANWOOD OPPORTUNITIES MASTER FUND

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

6th October 2014

6. Date on which issuer notified:

6th October 2014

7. Threshold(s) that is/are crossed orreached: vi, vii

Below 23% Threshold

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

14. Contact name:

OCEANWOOD CAPITAL MANAGEMENT LLP

15. Contact telephone number:

020 77 58 55 00