SAR 5 - McKay Securities plc

Aviva PLC
23 May 2005

                                                                      FORM SAR 5

                            DISCLOSURE OF DISPOSALS
       (Rule 5 of The Rules Governing Substantial Acquisitions of Shares)


Name of seller                                   AVIVA PLC

Beneficial owner, if different from above        AVIVA PLC AND ITS SUBSIDIARIES

Names of any other persons acting by 
agreement or understanding (see SAR 5)           N/A

Company dealt in                                 MCKAY SECURITIES PLC

Class of voting shares (eg ordinary shares)      ORD GBP0.20

Date of disposal                                 20 MAY 2005


Number of shares disposed of                     1,450,000

Number of rights over shares disposed of #       N/A

Nature of rights over shares                     N/A


Total holding of voting shares (and 
percentage of total voting shares in issue)      5,869,479..............12.89%

Total holding of rights over shares (and 
percentage of total voting shares in issue)      N/A

Combined total holding (and percentage) of 
voting shares and rights over shares             5,869,479..............12.89%


        Date of disclosure                       23 MAY 2005

        Contact name                             DIANE THIRKETTLE

        Telephone number                         01603 687803


    #     See the definition of 'rights over shares' in the Definitions Section
    of the SARs.

For details of the SARs disclosure requirements, see SARs 3 and 5 and their
Notes which can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.


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