Holding in Company - amendment

23 May 2008 AVATION PLC ('AVATION' OR THE 'COMPANY') NOTIFICATION OF SUBSTANTIAL SHAREHOLDING -Amendment The Board of Avation Plc has received notification on 23 May of a disposal of 25,000 shares (voting rights) by Lehman Brothers International (Europe) ("Lehman") and notification that Lehman now has an interest in 1,100,000 shares in the Company. This interest is 4.35% of the issued voting shares of the Company. Lehman previously notified the Company on 28 November 2007 of its interest in 1,125,000 shares which represented 6.03% of the shares in issue at that date, which was announced by the Company on 29 November 2007. Since that date the exercise of warrants and consequent issue of shares has increased the number of shares in issue diluting the percentage shareholding. The Company has in issue a total of 25,270,000 Ordinary shares. The directors take responsibility for the contents of this announcement. ---ENDS--- ENQUIRES: AVATION PLC 07783 942 553 Jeff Chatfield, Chairman STOCKBROKERS WH Ireland Ltd 020 7220 1670 Cornhill Asset Management Ltd 020 7743 6000 ADVISOR 020 7628 1128 Jonathan Willis-Richards Loeb Aron & Company Ltd. MEDIA 020 7562 3350 Maxine Barnes, Nick Rome Bishopsgate Communications WEBSITES www.avation.net Avation plc