Slaughter and May advised Aviva plc on its issue of EUR650 million Dated Tier 2 Reset Notes (the 'Notes') under its £5 billion Euro Note Programme.

The Notes, which were issued on 05 July 2013, have been admitted to listing on the Official List of the UK Listing Authority and to trading on the regulated market of the London Stock Exchange.

The Notes are intended to qualify as Lower Tier 2 Capital and the terms and conditions of the Notes include certain currently ascertainable Solvency II related features for Tier 2 debt. The Notes have been assigned a rating of Baa1 by Moody's and BBB by Standard & Poor's.

Barclays, Citigroup, HSBC, Société Genéralé and The Royal Bank of Scotland acted as joint lead managers and DBS Bank Ltd. acted as co-manager in respect of the offering.

CONTACTS

Financing: Miranda Leung (partner), Akshay Kundaiker (associate); Tax: William Watson (partner), Owen Williams (associate)

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