TR-1: Notification of Major Interest in Shares(i)

----------------------------------------------- For filings with the FSA include the annex For filings with issuer exclude the annex ----------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- 1. Identity of the issuer or the underlying issuer Avation PLC of existing shares to which voting rights are (ISIN GB00B196F554) attached: ii ----------------------------------------------------------------------------------------------------------------------- 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 X 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 Bennelong Asset Management LLP notification obligation: iii ----------------------------------------------------------------------------------------------------------------------- 4. Full name of shareholder(s) Bennelong Asia Pacific Multi Strategy Equity Master Fund (if different from 3.):iv Limited ----------------------------------------------------------------------------------------------------------------------- 5. Date of the transaction and date on 20th September 2013 which the threshold is crossed or reached: v ----------------------------------------------------------------------------------------------------------------------- 6. Date on which issuer notified: 23rd September 2013 ----------------------------------------------------------------------------------------------------------------------- 7. Threshold(s) that is/are crossed or From 6.4% to 0% reached: vi, vii ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- 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. ----------------------------------------------------------------------------------------------------------------------- Contract for Difference Nil 0% ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- 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 rights xix, instrument price date xvii Conversion instrument refers to xx period xviii ----------------------------------------------------------------------------------------------------------------------- Nominal Delta ------------------- ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- Total (A+B+C) ----------------------------------------------------------------------------------------------------------------------- Number of voting rights Percentage of voting rights ----------------------------------------------------------------------------------------------------------------------- Nil 0% ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- 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: n/a ----------------------------------------------------------------------------------------------------------------------- 11. Number of voting rights proxy holder will cease n/a to hold: ----------------------------------------------------------------------------------------------------------------------- 12. Date on which proxy holder will cease to hold n/a voting rights: ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- 13. Additional information: ----------------------------------------------------------------------------------------------------------------------- 14. Contact name: Mark Konda/Philippa Jones ----------------------------------------------------------------------------------------------------------------------- 15. Contact telephone number: 02071900881/02071900842 ----------------------------------------------------------------------------------------------------------------------- Avation plc