Aviva - Issue of Notes under £5 billion Euro Note Programme

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Slaughter and May advised Aviva plc on its issue of £200,000,000 6.875 per cent. Fixed/Floating Rate Notes due 2057 (the "Notes") under its £5 billion Euro Note Programme. The Notes are to be consolidated and form a single series with the £400,000,000 6.875 per cent. Fixed/Floating Rate Notes issued on 20 May, 2008.

The Notes which were issued on 8 August, 2008 are intended to qualify as lower tier two capital for regulatory capital purposes and have been rated A- by Standard & Poor’s and A3 by Moody’s.

Miranda Leung (partner), Caroline Sanderson (associate); Tax: Simon Letherman (associate)