Portfolio Financing Facility

Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company, advises that it has signed a term sheet with a major international bank for a US$85 million portfolio financing facility. The facility will initially be used for the refinancing of certain existing aircraft in our fleet but will be available and extendable for the financing of additional aircraft subject to certain conditions.

The facility remains subject to documentation being finalised and to the usual conditions precedent for the draw down of funds under the facility.

We will make further announcements in due course as this transaction proceeds to expected completion.