Aviva confirms share exchange

Aviva PLC
01 August 2003



1 August 2003

AVIVA plc

AVIVA CONFIRMS SHARE EXCHANGE

Aviva plc ('Aviva') has previously announced its intention to increase its
holding in UniCredito Italiano through an exchange of shares held by Aviva in
Societe Generale.

An agreement has now been reached with Fondazione CRT ('FCRT') and the
transaction was completed on 1 August 2003. Aviva has exchanged 1.68% of the
issued share capital of Societe Generale with FCRT in return for 1.68% of the
issued share capital of UniCredito Italiano.

Following the completion of the transaction, Aviva holds 1.05% of the issued
share capital of Societe Generale and 3.04% of the issued share capital of
UniCredito Italiano.

The transaction enables Aviva to further cement its important bancassurance
relationship with UniCredito Italiano while continuing its long-standing
strategic partnership with Societe Generale.







Enquiries:


Analysts / Investors:

James Matthews, Head of Investor Relations [phone]

Media:

Rob Bailhache, Financial Dynamics                     [phone]

Hayley Stimpson, Director of External Affairs, Aviva plc [phone]




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