Aviva Subordinated Debt

Aviva PLC
10 September 2003

10 September 2003

AVIVA TO RAISE SUBORDINATED DEBT

Aviva plc ('Aviva') has mandated Barclays Capital, Goldman Sachs International,
Lehman Brothers and Societe Generale to act as joint bookrunners for a
subordinated debt issue.

The transaction will be targeted at investors in the Sterling and Euro markets
with an overall target of around £1.2 billion, and will be launched subject to
market conditions following a roadshow in the UK and Continental Europe.

Mike Biggs, Aviva's Group Finance Director, said:

'This cost effective long-term core capital will support future growth and
enhance further the Group's capital position.'


Enquiries:

Analysts/Investors:
Steve Riley, Investor Relations Director               [phone]

Media :
Hayley Stimpson, Director of External Affairs          [phone]

Alex Child-Villiers, Financial Dynamics                [phone]


                      This information is provided by RNS
            The company news service from the London Stock Exchange