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

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):

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

31st of December 2015

6. Date on which issuer notified:

4th of January 2016

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

Crossing 24%, 25%, 26%, 27% and 28%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ord GBP Shares ISIN:

GB00B196F554

12,083,140

12,083,140

14,427,188

14,427,188

28.03%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

14,427,188

28.03%

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:

The Oceanwood Opportunities Master Fund bought 2,344,048 shares on 31 December 2015 which took its holding to 27.61%. On the same date the Company (Avation PLC) purchased its own shares reducing the shares used for the purpose of calculating percentage voting rights from 52,248,271 shares to 51,463,727 shares. This further increased Oceanwood Opportunities Master Fund's percentage holding to 28.03%.

14. Contact name:

Stephan Michaels

15. Contact telephone number:

+356 2248 6930