Aviva: stake in ORN Capital

Aviva PLC
27 April 2006


27 April 2006



     AVIVA'S MORLEY FUND MANAGEMENT ACQUIRES MAJORITY STAKE IN ORN CAPITAL


Aviva plc ('Aviva') announces that its UK-based asset management business,
Morley Fund Management ('Morley'), has agreed to acquire a 56% stake in hedge
fund management company, ORN Capital, which will more than double Morley's
alternative funds under management to around US$1.1 billion.

ORN Capital was founded in 1999 by Harald Orneberg with funds under management
in excess of US$600 million as at 1 April 2006.

Keith Jones, chief executive of Morley said: 'We're acquiring ORN Capital as a
standalone business; one that broadens our offering to clients and accelerates
the growth of our alternatives business.'

Completion of the transaction is subject to the approval of the Financial
Services Authority and the Bermuda Monetary Authority. The deal is expected to
complete no later than the end of June 2006.

                                    - ends -

Enquiries:

Analysts/Investors:
Charles Barrows, investor relations director                 [phone]

Media:
Fiona Baker, head of corporate communications (Morley)       [phone]
Sue Winston, head of group media relations (Aviva)           [phone]



Notes to editors:

Aviva
     
•    Aviva is the world's sixth largest insurance group based on gross worldwide 
     premiums and market capitalisation (at 31 December 2004), and is one of the 
     leading providers of life and pensions to Europe, with substantial 
     positions in other markets around the world.

•    Aviva's principal business activities are long-term savings, fund
     management and general insurance, with worldwide total sales of £35 billion 
     and assets under management of £317 billion at 31 December 2005.
     
•    The Aviva media centre at www.aviva.com/media includes images, company
     and product information and a news release archive.

Morley

•    Morley is the UK-based asset management business of Aviva plc. Firms within 
     the Morley group of companies manage £156.2 billion from offices around the 
     world as at 28 February 2006.

•    Morley manages both institutional and retail funds under the Morley brand. 
     It also acts as investment manager for a range of retail investment funds, 
     marketed in the UK under the Norwich Union brand, and international funds
     marketed under the Aviva Funds brand.

ORN Capital

•    Based in London and headquartered in Bermuda, ORN Capital is an alternative 
     investment management firm founded in 1999. ORN Capital has gross assets of 
     £2.4 million and manages in excess of US$600 million on behalf of a wide 
     range of institutional investors including foundations, pension funds,
     funds-of-funds, private banks and family offices.

•    The firm has grown steadily over the past seven years and pursues a range
     of investment strategies including event, distressed debt, debt equity,
     global resources and energy and multi-strategy.


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